Integrated energy company Chevron (NYSE: CVX) will be reporting results this Friday before market open. Here’s what to look for.
Chevron beat analysts’ revenue expectations last quarter, reporting revenues of $46.87 billion, down 10.2% year on year. It was a strong quarter for the company, with a beat of analysts’ EPS estimates and a decent beat of analysts’ EBITDA estimates. It reported 2.06 million oil production, up 24.8% year on year.
Is Chevron a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Chevron’s revenue to be flat year on year, improving from the 2.3% decrease it recorded in the same quarter last year.
Heading into earnings, analysts covering the company have grown increasingly bearish with revenue estimates seeing in majority downward revisions over the last 30 days. Chevron rarely misses Wall Street’s revenue estimates.
Looking at Chevron’s peers in the upstream & integrated segment, some have already reported their Q1 results, giving us a hint as to what we can expect. World Kinect delivered year-on-year revenue growth of 2.5%, beating analysts’ expectations by 10.4%, and Noble Corporation reported a revenue decline of 10.2%, topping estimates by 6.8%. World Kinect traded up 10.9% following the results while Noble Corporation was also up 8.2%.
Read our full analysis of World Kinect’s results here and Noble Corporation’s results here.
There has been positive sentiment among investors in the upstream & integrated segment, with share prices up 3.4% on average over the last month. Chevron is down 7.2% during the same time and is heading into earnings with an average analyst price target of $212.30 (compared to the current share price of $192.10).
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