Wall Street analysts forecast that Chevron (CVX) will report quarterly earnings of $2.30 per share in its upcoming release, pointing to a year-over-year decline of 21.5%. It is anticipated that revenues will amount to $47.85 billion, exhibiting a decline of 1.8% compared to the year-ago quarter.
Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 14.4% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.
Before a company announces its earnings, it is essential to take into account any changes made to earnings estimates. This is a valuable factor in predicting the potential reactions of investors toward the stock. Empirical research has consistently shown a strong correlation between trends in earnings estimate revisions and the short-term price performance of a stock.
While it's common for investors to rely on consensus earnings and revenue estimates for assessing how the business may have performed during the quarter, exploring analysts' forecasts for key metrics can yield valuable insights.
Bearing this in mind, let's now explore the average estimates of specific Chevron metrics that are commonly monitored and projected by Wall Street analysts.
Analysts predict that the 'Revenues- Sales and other operating revenues' will reach $46.45 billion. The estimate points to a change of -0.3% from the year-ago quarter.
Analysts expect 'Revenues- Income (loss) from equity affiliates' to come in at $770.18 million. The estimate suggests a change of -46.6% year over year.
The consensus among analysts is that 'Revenues- Other income' will reach $238.75 million. The estimate points to a change of -65.7% from the year-ago quarter.
It is projected by analysts that the 'U.S. and International Upstream - Total net oil-equivalent production' will reach 3,314.65 millions of barrels of oil equivalent per day. Compared to the present estimate, the company reported 3346 millions of barrels of oil equivalent per day in the same quarter last year.
The consensus estimate for 'Worldwide - Net natural gas production per day (Natural Gas Production)' stands at 8,079.33 Mcf/D. The estimate compares to the year-ago value of 8,267 Mcf/D.
Analysts forecast 'U.S. Upstream - Net oil-equivalent production per day' to reach 1,651.27 millions of barrels of oil equivalent. Compared to the present estimate, the company reported 1573 millions of barrels of oil equivalent in the same quarter last year.
The combined assessment of analysts suggests that 'International Upstream - Net oil-equivalent production per day' will likely reach 1,667.46 millions of barrels of oil equivalent. Compared to the present estimate, the company reported 1773 millions of barrels of oil equivalent in the same quarter last year.
The collective assessment of analysts points to an estimated 'U.S. Upstream - Net natural gas production per day' of 2,666.42 Mcf/D. The estimate compares to the year-ago value of 2,657 Mcf/D.
According to the collective judgment of analysts, 'International Upstream - Net natural gas production per day (Natural Gas Production)' should come in at 5,331.01 Mcf/D. Compared to the current estimate, the company reported 5,610 Mcf/D in the same quarter of the previous year.
The average prediction of analysts places 'International Upstream - Net crude oil and natural gas liquids production per day (Liquids Production)' at 794.10 millions of barrels of oil. The estimate compares to the year-ago value of 838 millions of barrels of oil.
Analysts' assessment points toward 'U.S. Upstream - Net crude oil and natural gas liquids production per day (Liquids Production)' reaching 1,214.96 millions of barrels of oil. Compared to the current estimate, the company reported 1130 millions of barrels of oil in the same quarter of the previous year.
Based on the collective assessment of analysts, 'U.S. Downstream - Refined Product Sales' should arrive at 1,305.54 millions of barrels of oil per day. The estimate is in contrast to the year-ago figure of 1248 millions of barrels of oil per day.
View all Key Company Metrics for Chevron here>>>
Over the past month, Chevron shares have recorded returns of -17.3% versus the Zacks S&P 500 composite's -0.2% change. Based on its Zacks Rank #3 (Hold), CVX will likely exhibit a performance that aligns with the overall market in the upcoming period. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
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Chevron Corporation (CVX): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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