Oil giant Chevron’s (NYSE: CVX) adjusted earnings dropped in Q2 to $3.08 per share as compared to $5.82 in the same quarter last year but above Street estimates of $2.92 per share. Lower oil prices also dragged down the company’s sales to $47.2 billion versus $65.4 billion in the same period a year back but surpassed consensus estimates of $46.7 billion.
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Chevron’s oil production increased 2% year-over-year in the second quarter to record Permian Basin production of 772,000 barrels of oil equivalent per day.
The company’s Board of Directors also declared a quarterly dividend of $1.51 per share payable on September 11 to all shareholders as on August 18, 2023.
Mike Wirth, Chevron’s Chairman and CEO commented, ” The company has delivered
more than 12% ROCE for eight straight quarters and returned $7.2 billion to shareholders
in the quarter, an increase of 37 percent from the year-ago period. Strong execution resulted in record Permian Basin production this quarter. Chevron plans to further increase its investments in the United States with the announced agreement to acquire PDC Energy.”
Analysts are cautiously optimistic about CVX stock with a Moderate Buy consensus rating based on nine Buys and eight Holds.