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Earnings Previews: Chevron Corp. (CVX)
By: 24/7 Wall St. | January 27, 2021

This week’s blizzard of earnings continues Thursday and Friday with four Dow Jones industrial average components reporting results, along with one other industrial giant.

Chevron

Chevron Corp. (NYSE: CVX) is set to report quarterly and full-year results before markets open Friday morning. The oil giant put up the third-worst performance of 2020 among all Dow 30 stocks, losing more than 26% of its market value in 2020. Had rival Exxon Mobil remained among the Dow stocks, it would have outpaced Boeing as the index’s biggest loser of the year. That’s how bad 2020 was for the energy sector.

Crude prices have improved to around $53 a barrel, about where they began 2020. Crude averaged less than $40 a barrel last year and is expected to stop just short of averaging $50 a barrel in 2021. That will help Chevron, but at this point, investors care more about the company’s dividend than its prospects.

Analysts are looking for fourth-quarter EPS of $0.07, down from $1.49 a year ago and revenue of $26.4 billion, down 27.4% year over year. For the full year, Chevron is expected to post a net loss of $0.05 per share and revenue is forecast to fall by 33% to $98.1 billion.

Chevron stock trades at around $89 a share, about 26.5 times expected 2021 earnings, in a 52-week range of $51.60 to $112.60. The price target on the stock is $103.98. Chevron pays a dividend of $5.16 (yield of 5.77%).

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