Why Chevron Stock Dropped Today
Shares of (NYSE: CVX) were down 5.5% as of 1:30 p.m. ET Friday after the oil giant posted weaker-than-expected quarterly earnings.
Chevron's third-quarter operating revenue declined 18.3% year over year, to $52 billion -- worse than estimates calling for a 17.9% drop -- primarily driven by lower commodity prices. On the bottom line, that translated to adjusted (non-GAAP) earnings of $5.72 billion, or $3.05 per share -- down from $5.56 per share in the same year-ago period and well below analysts' consensus estimates for $3.33 per share.
Still, Chevron Chairman and CEO Mike Wirth was quoted in a company press release as calling it "another quarter of solid financial results and strong cash returns to shareholders," noting the company has returned $20 billion to investors so far this year through a combination of share repurchases and dividends.
Source Fool.com
Chevron Corp. Stock
The stock is an absolute favorite of our community with 26 Buy predictions and no Sell predictions.
As a result the target price of 178 € shows a positive potential of 33.65% compared to the current price of 133.18 € for Chevron Corp..
