Energy giant Chevron (NYSE:CVX) reported better-than-expected third-quarter Fiscal 2022 results today. In Q3FY22, Chevron’s adjusted earnings nearly doubled to $5.56 per share over the prior year period. Also, the figure easily beat the consensus estimates by $0.71 per share. Similarly, revenue rose a whopping 49% year-over-year to $66.64 billion and significantly surpassed estimates of $61.44 billion. Following the news, CVX stock is up 2.4% in pre-market trading at the time of writing.
Confident Investing Starts Here:
- Quickly and easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter
Remarkably, Chevron’s Permian Basin unconventional production grew 12% year-over-year to total over 700,000 barrels of oil equivalent per day. Also, the return on capital employed (ROCE) doubled to 25% compared to the same period last year.
Moreover, the oil and gas producer recorded cash flows from operations of $15.3 billion and free cash flows of $12.3 billion.
Notably, during the quarter, Chevron paid $2.7 billion in dividends and repurchased $3.75 billion worth of shares. Chevron’s current dividend yield is 3.2%.
Is Chevron a Buy, Sell, or Hold?
On TipRanks, CVX stock has a Moderate Buy consensus rating. This is based on nine Buys, six Holds, and one Sell rating. The average Chevron price target of $177.31 implies that shares are fairly traded at current levels.
