Key details
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|
| Q2 Adjusted EPS | Beat | $6.06 | $5.56 (19 Analysts) |
| Q2 EPS | | $6.11 | |
Result drivers
- Higher prices & volumes - Co said earnings rose due to higher commodity prices, higher margins on refined product sales, and increased sales volumes
- Production growth - Worldwide production rose 20% yr/yr, mainly from the Hess acquisition and growth in the Permian Basin and Gulf of America
- Cost reductions & synergies - Co achieved $3 bln in annual structural cost reductions and $1.5 bln in Hess-related synergies ahead of schedule
Analyst coverage
- The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 22 "strong buy" or "buy", 4 "hold" and 1 "sell" or "strong sell"
- The average consensus recommendation for the integrated oil & gas peer group is "buy"
- Wall Street's median 12-month price target for Chevron Corp is $218.50, about 13.6% above its July 30 closing price of $192.31
- The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 24 three months ago
Quarterly results and main drivers
CVX•
