Integrated energy company Chevron (NYSE: CVX) will be reporting earnings this Friday before the bell. Here’s what to expect.
Chevron beat analysts’ revenue expectations last quarter, reporting revenues of $48.61 billion, up 2.1% year on year. It was a stunning quarter for the company, with a beat of analysts’ EPS estimates. It reported year-on-year oil production growth of 23.7%.
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 grow 47.9% year on year, a reversal from the 12.4% decrease it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Chevron rarely misses Wall Street’s revenue estimates.
Looking at Chevron’s peers in the upstream & integrated segment, some have already reported their Q2 results, giving us a hint as to what we can expect. World Kinect delivered year-on-year revenue growth of 50.3%, beating analysts’ expectations by 27.7%, and Cactus reported revenues up 64.3%, topping estimates by 12.3%. World Kinect traded up 5.2% following the results.
Read our full analysis of World Kinect’s results here and Cactus’s results here.
Investors in the upstream & integrated segment have had steady hands going into earnings, with share prices flat over the last month. Chevron is up 15.6% during the same time and is heading into earnings with an average analyst price target of $215 (compared to the current share price of $191.79).
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