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Wednesday, April 12, 2017 9:49:11 PM
Chevron (CVX -0.3%) and Exxon Mobil (XOM +0.2%) are likely to disappoint investors with "messy" Q1 earnings results when the companies report on April 28, Barclays analysts say.
Barclays believes CVX will report EPS of $0.78, compared with the $0.92 Wall Street consensus which “may not have fully reflected the lower oil prices in March"; the firm also thinks the market may have overestimated CVX’s downstream earnings and chemical results.
The firm forecasts XOM's Q1 EPS at $0.79, vs. analyst consensus of $0.89, adding that the company’s Q4 results included $800M-$900M in asset sale gains, “something we suspect the market has not fully taken into account" when considering Q1.
Barclays prefers Suncor Energy (SU +0.2%), where it anticipates a third straight earnings beat, and ConocoPhillips (COP +0.2%) on the strength of its recent sale of Canadian oil sands assets.
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