Chevron (NYSE:CVX) is scheduled to report fourth-quarter 2022 earnings on January 27, before the market opens. Elevated oil and natural gas prices during the quarter are likely to have supported the oil giant’s bottom-line growth.
Buoyed by a rebound in oil prices, Chevron delivered record earnings of $29.11 billion in the first nine months of 2022, increased investments by over 50%, and reduced debt by $7.73 billion.
Furthermore, Chevron recently announced a quarterly common stock dividend of $1.51 per share, up 6% from the previous payout. The company also rewards shareholders with a $75 billion share buyback program, thanks to its solid financials.
Regarding Q4 estimates, the Street expects Chevron to post earnings of $4.33 per share, significantly higher than $2.56 in the prior-year period. Meanwhile, revenue expectations are pegged at $52.7 billion, representing a year-over-year jump of 9.6%.
Is Chevron Stock a Buy or Hold?
Wall Street is cautiously optimistic about CVX stock. The Moderate Buy consensus rating for Chevron is based on seven Buys, seven Holds, and two Sells. The average stock price target of $193.94 suggests upside potential of 8.3% from current levels. Shares have gained about 24% in the past six months.
