Shares of (NYSE: CVX) were on the rise Monday, with the stock rallying as much as 3.4% before settling into a more modest gain of 2.5% by 1:21 p.m. ET.
Chevron will report its full second-quarter results on Friday, but it did release some preliminary earnings figures on Sunday, which exceeded analyst estimates. In addition, the company waived the mandatory retirement age for CEO Mike Wirth, giving the company time to find the right successor. That likely removed a bit of additional uncertainty for the stock and showed a vote of confidence in Wirth's strategy.
On Sunday, Chevron reported that it would earn about $6.01 billion in net income or $5.77 billion in adjusted non-GAAP (generally accepted accounting principles) earnings, equating to $3.08 per share, which would be above the analyst consensus of $2.97.
Source Fool.com