Chevron (NYSE: CVX) reported its Q4 results today with adjusted earnings coming in at $4.09 per share, a jump of 59.8% year-over-year but still falling short of estimates of $4.33.
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The energy giant’s sales and operating revenues were $55 billion in Q4 versus $46 billion in the same period a year ago, beating analysts’ estimates by $2.5 billion.
More importantly, the company reported a record annual U.S. oil and gas production of 1.2 million barrels of oil equivalent per day (boepd), led by 16% “growth in Permian Basin unconventional production.”
CVX upped its quarterly dividend by 6% year-over-year to $1.51 per share, with the dividend payable on March 10, to all holders of common stock as shown on the records at the close of business on February 16.
The company also raised its stock buyback to an aggregate amount of $75 billion. This stock buyback will take effect on April 1, 2023, and does not have a fixed expiration date. This stock buyback will replace the “Board’s previous repurchase authorization of $25 billion from January 2019, which will terminate on March 31, 2023, after the completion of the company’s repurchases in the first quarter 2023.”
At the end of FY22, CVX had an annual stock repurchase rate of $15 billion.
Overall, Wall Street is cautiously optimistic about CVX stock with a Moderate Buy consensus rating based on seven Buys, seven Holds and two Sells.
