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Chevron (NYSE:CVX) is scheduled to report first-quarter 2023 earnings on April 28, earlier than the market opens. Regardless of decrease oil costs compared to final yr, analysts anticipate the corporate’s backside line to stay flat year-over-year. This is because of rising manufacturing and decrease improvement prices within the Permian Basin.
Concerning Q1 estimates, the Avenue expects Chevron to submit earnings of $3.40 per share, in contrast with $3.36 within the prior-year interval. In the meantime, income expectations are pegged at $48.6 billion, representing a year-over-year fall of 8.6%.
Final week, UBS analyst Josh Silverstein initiated protection on CVX inventory with a value goal of $212. Silverstein stays impressed with the corporate’s robust free money circulate era capabilities.
What Does CVX Inventory’s Technical Evaluation Predict Previous to Earnings?
Forward of the Q1 earnings launch, Chevron inventory’s technical indicators are at present giving off a bearish sign. CVX is a Promote based mostly on TipRanks’ easy-to-understand abstract alerts.
Based on TipRanks’ technical evaluation device, the inventory’s 50-Day EMA (exponential shifting common) is 166.53, whereas its value is $165.98, making it a Promote. Additional, CVX’s shorter length EMA (20-day) additionally alerts a downtrend.
What’s CVX’s Inventory Goal?
On TipRanks, CVX stock has a mean value goal of $190.50, which means an upside potential of 14.8% from the present stage. In the meantime, Wall Avenue is optimistic about Chevron, with a Reasonable Purchase consensus ranking based mostly on six Buys and 10 Holds.
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Ending Ideas
Traders will probably pay shut consideration to administration’s predictions for the corporate’s future top-line numbers in the course of the Q1 earnings name. That is because of the enhance in crude oil costs earlier this month following the unexpected output cuts introduced by Saudi Arabia and different OPEC+ producers.
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