Chevron Earnings Preview: What to Expect

Company Overview - Chevron Corporation, based in San Ramon, California, is a fully integrated oil and gas company focusing on production, refining, and marketing, with a market cap of $268.8 billion [1] Earnings Expectations - Chevron is set to announce its third-quarter results on October 31, with analysts expecting a non-GAAP EPS of $1.66, a decrease of 33.9% from $2.51 in the same quarter last year [2] - For the full fiscal year 2025, Chevron is projected to report a non-GAAP EPS of $7.18, down 28.6% from $10.05 in fiscal 2024, with a forecasted growth of 10.5% year-over-year to $7.93 per share in fiscal 2026 [3] Stock Performance - Over the past 52 weeks, Chevron's stock prices have increased nearly 4%, outperforming the Energy Select Sector SPDR Fund's slight decline of 0.94%, but underperforming the S&P 500 Index's gain of 16.2% during the same period [4] Recent Financial Results - In Q2, Chevron reported strong execution and record production, with Permian Basin production reaching 1 million boepd, and overall production hitting new company records. However, due to lower crude prices, the topline dropped 12.4% year-over-year to $44.8 billion, missing consensus estimates by 4.9%. Adjusted EPS fell 30.6% year-over-year to $1.77, but exceeded Street expectations by 4.1% [5] Analyst Ratings - Analysts maintain a consensus "Moderate Buy" rating for Chevron, with 14 out of 27 analysts recommending "Strong Buy," three advising "Moderate Buy," nine suggesting "Hold," and one giving a "Strong Sell" rating. The mean price target of $170.31 indicates an 8.8% upside potential from current price levels [6]