Oil giant Chevron (NYSE:CVX) slipped in pre-market trading after the company reported earnings for its third quarter of Fiscal Year 2023. The company’s adjusted earnings came in at $3.05 per share compared to $5.56 per share in the same period last year. This missed analysts’ consensus estimate of $3.70 per share.
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The company’s earnings declined due to “lower upstream realizations and lower margins on refined product sales.” Chevron’s upstream earnings fell by 38% year-over-year to $5.8 billion in the quarter.
Sales declined by 18.3% year-over-year to $51.9 billion but were above analysts’ expectations of $51.4 billion. The company’s sales were impacted due to lower oil prices.
Chevron declared a quarterly dividend of $1.51 per share, payable December 11, to all holders of common stock on record at the close of business on November 17.
Is CVX a Buy, Hold, or Sell?
Analysts are cautiously optimistic about CVX stock, with a Moderate Buy consensus rating based on seven Buys and Holds each. The average CVX price target of $189.71 implies an upside potential of 22.6% at current levels.
