Chevron's Profits Fall Short. Is This Top Warren Buffett Stock in Trouble?
Chevron (NYSE: CVX) finished 2022 with a bit of a whimper. While the oil giant's profits rose compared to the prior year period, they were significantly below its third-quarter record. Meanwhile, they fell short of analyst expectations.
The oil company, which is one of the top holdings of Warren Buffett's Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B), faced headwinds from lower oil and gas prices and a write-down in its international operations. Here's a look at whether these issues suggest that more troubles are ahead for the oil giant.
Chevron posted $6.35 billion, or $3.33 per share, of net income in the third quarter. That's up more than 25% from the year-ago period's $5.05 billion, or $2.63 per share profit. However, it dropped significantly from its $11.2 billion profit in the third quarter (which marked the second-highest tally ever, only slightly below its second-quarter record). Further, Chevron's fourth-quarter profits missed the analysts' consensus estimate by $0.20 per share after adjustments.
Source Fool.com
