Chevron Gears Up For Q2 Print; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call
Portfolio Pulse from Avi Kapoor
Chevron Corporation (NYSE:CVX) is set to release its Q2 earnings on August 2, with analysts expecting a decrease in EPS from $3.28 to $2.93, but an increase in revenue from $48.9 billion to $50.80 billion. Additionally, arbitration claims by Exxon Mobil and CNOOC Ltd could impact Chevron's proposed $53 billion acquisition of Hess Corp (NYSE:HES). Chevron's stock fell 4.9% to $152.62. Analyst ratings have been mixed, with some downgrades and some price target increases.
August 02, 2024 | 6:58 am
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Chevron is expected to report Q2 earnings with a decrease in EPS but an increase in revenue. The company's proposed $53 billion acquisition of Hess may face challenges due to arbitration claims by Exxon Mobil and CNOOC Ltd. Chevron's stock fell 4.9% recently, and analyst ratings have been mixed.
The expected decrease in EPS and the potential challenges to the Hess acquisition are likely to negatively impact Chevron's stock in the short term. The recent 4.9% drop in stock price and mixed analyst ratings further support this outlook.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
Hess Corp's stake in a Guyana oil-producing joint venture is subject to arbitration claims by Exxon Mobil and CNOOC Ltd, which could impact Chevron's proposed $53 billion acquisition of Hess.
The arbitration claims could create uncertainty around the acquisition, but the direct impact on Hess's stock price is less clear compared to Chevron. The situation warrants close monitoring.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 70