Chevron Earnings: CVX Stock Down 4% Despite Q4 Beat

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Chevron (NYSE:CVX) earnings for the oil and gas company’s fourth quarter of 2019 have CVX stock taking a dive on Friday. That’s despite its adjusted earnings per share of $1.49 beating out Wall Street’s estimate of $1.45. Revenue of $36.35 billion, on the other hand, is far from the $38.64 billion analysts were expecting.

Chevron Earnings: CVX Stock Down 4% Despite Q4 Beat

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Now for a more thorough look at the most recent Chevron earnings report.

  • Adjusted per-share earnings are down 23.59% from $1.95 during the same time last year.
  • Revenue comes in 14.17% lower than the $42.35 billion from the fourth quarter of 2018.
  • The Chevron earnings report also includes a net loss of -$6.67 billion.
  • That’s much worse than the company’s net income of $3.72 billion from the same period of the year prior.

Michael Wirth, Chairman and CEO of Chevron, says this about the CVX stock earnings.

“Organic capital spending held flat at $20 billion in 2019, further demonstrating our commitment to capital discipline. Within this program, we continued the ramp-up of the Permian Basin in Texas and New Mexico and progressed our Future Growth Project at the company’s 50 percent-owned affiliate, Tengizchevroil, in Kazakhstan. For the first time in the company’s history, annual production exceeded 3 million barrels per day of oil equivalent.”

The Chevron earnings report doesn’t make mention of a 2020 outlook. Even so, we know what Wall Street expects. That includes an adjusted EPS of $6.81 on revenue of $153.42 billion.

CVX stock was down 3.92% as of Friday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2020/01/chevron-earnings-hit-cvx-stock-despite-beat/.

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