Chevron (NYSE:CVX) is scheduled to report first-quarter 2023 earnings on April 28, before the market opens. Despite lower oil prices in comparison to last year, analysts expect the company’s bottom line to remain flat year-over-year. This is due to rising production and lower development costs in the Permian Basin.
Regarding Q1 estimates, the Street expects Chevron to post earnings of $3.40 per share, compared with $3.36 in the prior-year period. Meanwhile, revenue expectations are pegged at $48.6 billion, representing a year-over-year fall of 8.6%.
Last week, UBS analyst Josh Silverstein initiated coverage on CVX stock with a price target of $212. Silverstein remains impressed with the company’s strong free cash flow generation capabilities.
What Does CVX Stock’s Technical Analysis Predict Prior to Earnings?
Ahead of the Q1 earnings release, Chevron stock’s technical indicators are currently giving off a bearish signal. CVX is a Sell based on TipRanks’ easy-to-understand summary signals.
According to TipRanks’ technical analysis tool, the stock’s 50-Day EMA (exponential moving average) is 166.53, while its price is $165.98, making it a Sell. Further, CVX’s shorter duration EMA (20-day) also signals a downtrend.
What is CVX’s Stock Target?
On TipRanks, CVX stock has an average price target of $190.50, which implies an upside potential of 14.8% from the current level. Meanwhile, Wall Street is optimistic about Chevron, with a Moderate Buy consensus rating based on six Buys and 10 Holds.
Ending Thoughts
Investors will likely pay close attention to management’s predictions for the company’s future top-line numbers during the Q1 earnings call. This is due to the increase in crude oil prices earlier this month following the unexpected output cuts announced by Saudi Arabia and other OPEC+ producers.