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- U.S. oil majors Exxon (NYSE:XOM) and Chevron (NYSE:CVX) are scheduled to announce Q4 earnings results on Friday, February 2nd, before market open.
- The consensus EPS estimate for XOM is $2.21 and the consensus revenue estimate is $88.82B. The consensus EPS estimate for CVX is $3.22 and the consensus revenue estimate is $53.2B.
- Over the last 2 years, XOM has beaten EPS estimates 63% of the time and has beaten revenue estimates 63% of the time. Over the last 3 months, XOM EPS estimates have seen 7 upward revisions and 5 downward. Revenue estimates have seen 2 upward revisions and 4 downward.
- Over the last 2 years, CVX has beaten EPS estimates 38% of the time and has beaten revenue estimates 75% of the time. Over the last 3 months, CVX EPS estimates have seen 2 upward revisions and 12 downward. Revenue estimates have seen 1 upward revision and 5 downward.
- Exxon on October 27 reported Q3 non-GAAP EPS of $2.27, missing estimates by 9 cents. Revenue of $90.76B was down 19% from last year and below expectations by $1.81B.
- Chevron on October 27 reported Q3 non-GAAP EPS of $3.05, missing estimates by 64 cents. Revenue of $54.08B was down 18.8% from last year but beat expectations by $1.08B.
- XOM and CVX both have a Quant rating of “HOLD“, with a rating score of 3.46 and 3.40, respectively.
- XOM has an industry ranking of 6 out of 17 among integrated oil and gas stocks, while CVX is ranked 8 out of 17, as per SA’s Quant ranking.
- Wall Street and Seeking Alpha authors rate “BUY” for both XOM and CVX.
- In 2023, XOM stock fell 6.3% and CVX fell 13.6%, while the S&P 500 Energy Sector Index fell 4.8%. The benchmark S&P 500 Index rose 24.2% for the year.
- XOM is up 2.5% while CVX is down 1% so far this year as of Wednesday’s close.
Recent commentary on XOM and CVX
SA contributor Danil Sereda in a January 25 report said “XOM stands out as a top choice among integrated oil and gas companies due to its organic growth opportunities, pending acquisition of Pioneer Natural Resources, and ability to generate cash returns and dividend growth.”
“Despite the potential risks surrounding XOM, I view the company and the sector as a whole with a positive outlook for 2024. The company continues to benefit strongly from relatively stable energy prices and current valuation multiples seem to completely discount the potential continuation of the above-average FCF generation of recent years. I think XOM will maintain its status as the O&G dividend king for years to come. In the near term, XOM’s upcoming report should easily exceed expectations based on the implications from the recent 8-K filing,” he added.
On CVX, SA contributor Mike Zaccardi, in a January 9 report wrote, “The Energy sector has the highest combined dividend yield and buyback yield at 8.0% as of December 31, 2023, and Chevron now sports a 4% dividend yield. Chevron is undervalued, in my view, and has a strong management team focused on delivering shareholder value. With oil prices in the mid-$70s, about $30 above its breakeven price, stock price momentum remains soft.”
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