Why Chevron Stock Dropped Today
Shares of (NYSE: CVX) were down 5.5% as of 1:30 p.m. ET Friday after the oil giant posted weaker-than-expected quarterly earnings.
Chevron's third-quarter operating revenue declined 18.3% year over year, to $52 billion -- worse than estimates calling for a 17.9% drop -- primarily driven by lower commodity prices. On the bottom line, that translated to adjusted (non-GAAP) earnings of $5.72 billion, or $3.05 per share -- down from $5.56 per share in the same year-ago period and well below analysts' consensus estimates for $3.33 per share.
Still, Chevron Chairman and CEO Mike Wirth was quoted in a company press release as calling it "another quarter of solid financial results and strong cash returns to shareholders," noting the company has returned $20 billion to investors so far this year through a combination of share repurchases and dividends.
Source Fool.com
Chevron Corp. Stock
With 49 Buy predictions and 1 Sell predictions Chevron Corp. is one of the favorites of our community.
With a target price of 175 € there is a slightly positive potential of 4.82% for Chevron Corp. compared to the current price of 166.96 €.
