Chevron Corp. reported second quarter earnings that edged past analysts’ expectations, even as revenue missed estimates.
The energy company’s earnings for the three months ending in June surged around +27.5% year-over-year to $2.27 per share, crushing the Street consensus forecast of $1.78 per share.
The company benefited from a $1 billion termination fee it received after Occidental Petroleum bought Anadarko Petroleum with a winning $38 billion bid. The termination fee added $720 million to the quarter’s profit, Chevron said.
However, total revenue for the company declined -21% from the year-ago quarter to $36 billion, falling short of analysts' estimates of $40.55 billion.
While its U.S. shale production climbed +21% during the quarter, it was offset by sharply lower oil and gas prices.
Chevron’s daily production of oil and gas rose +9.1% to 3.08 million barrels - a record high for the company.
The company indicated that it expects to buy back $5 billion in its shares this quarter.
CVX saw its Momentum Indicator move above the 0 level on October 23, 2024. This is an indication that the stock could be shifting in to a new upward move. Traders may want to consider buying the stock or buying call options. Tickeron's A.I.dvisor looked at 86 similar instances where the indicator turned positive. In of the 86 cases, the stock moved higher in the following days. The odds of a move higher are at .
CVX moved above its 50-day moving average on September 30, 2024 date and that indicates a change from a downward trend to an upward trend.
The 10-day moving average for CVX crossed bullishly above the 50-day moving average on October 02, 2024. This indicates that the trend has shifted higher and could be considered a buy signal. In of 16 past instances when the 10-day crossed above the 50-day, the stock continued to move higher over the following month. The odds of a continued upward trend are .
Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where CVX advanced for three days, in of 341 cases, the price rose further within the following month. The odds of a continued upward trend are .
The Aroon Indicator entered an Uptrend today. In of 277 cases where CVX Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are .
The Stochastic Oscillator may be shifting from an upward trend to a downward trend. In of 71 cases where CVX's Stochastic Oscillator exited the overbought zone, the price fell further within the following month. The odds of a continued downward trend are .
The Moving Average Convergence Divergence Histogram (MACD) for CVX turned negative on October 16, 2024. This could be a sign that the stock is set to turn lower in the coming weeks. Traders may want to sell the stock or buy put options. Tickeron's A.I.dvisor looked at 48 similar instances when the indicator turned negative. In of the 48 cases the stock turned lower in the days that followed. This puts the odds of success at .
Following a 3-day decline, the stock is projected to fall further. Considering past instances where CVX declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .
The Tickeron Profit vs. Risk Rating rating for this company is (best 1 - 100 worst), indicating low risk on high returns. The average Profit vs. Risk Rating rating for the industry is 68, placing this stock better than average.
The Tickeron PE Growth Rating for this company is (best 1 - 100 worst), pointing to outstanding earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.
The Tickeron Seasonality Score of (best 1 - 100 worst) indicates that the company is fair valued in the industry. The Tickeron Seasonality score describes the variance of predictable price changes around the same period every calendar year. These changes can be tied to a specific month, quarter, holiday or vacation period, as well as a meteorological or growing season.
The Tickeron Price Growth Rating for this company is (best 1 - 100 worst), indicating steady price growth. CVX’s price grows at a higher rate over the last 12 months as compared to S&P 500 index constituents.
The Tickeron SMR rating for this company is (best 1 - 100 worst), indicating slightly weaker than average sales and a marginally profitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.
The Tickeron Valuation Rating of (best 1 - 100 worst) indicates that the company is slightly overvalued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: P/B Ratio (1.836) is normal, around the industry mean (1.194). P/E Ratio (14.004) is within average values for comparable stocks, (24.146). Projected Growth (PEG Ratio) (4.497) is also within normal values, averaging (4.841). Dividend Yield (0.039) settles around the average of (0.111) among similar stocks. P/S Ratio (1.519) is also within normal values, averaging (0.975).
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
a company which explores and refines oil and natural gas
Industry IntegratedOil