Chevron Misses Q2 Expectations Due To 'Weaker Upstream, Downstream Results' But Permian Production Hits New Record
Portfolio Pulse from Priya Nigam
Chevron Corp (NYSE:CVX) reported disappointing Q2 results due to weaker upstream and downstream performance, despite record Permian production. Analysts have adjusted their ratings and price targets, with RBC Capital Markets, Truist Securities, and Goldman Sachs providing mixed outlooks. Shares of Chevron fell by 3.22% following the report.
August 05, 2024 | 3:19 pm
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Chevron reported weaker-than-expected Q2 results, missing earnings estimates due to weaker upstream and downstream performance. Despite record Permian production, analysts have adjusted their ratings and price targets. Shares fell by 3.22%.
Chevron's Q2 earnings miss and weaker upstream and downstream results have led to a negative market reaction, with shares dropping 3.22%. Analysts have adjusted their ratings and price targets, indicating a cautious outlook. The record Permian production and raised full-year guidance provide some positive aspects, but the overall sentiment is negative in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100