RBC Capital analyst Biraj Borkhataria maintains Chevron (NYSE:CVX) with a Outperform and raises the price target from $185 to $190.
RBC Capital raises Chevron (NYSE:CVX) price target from $185 to $190 Read Post »
Goldman Sachs analyst Neil Mehta commented on Exxon Mobil Corp‘s (NYSE:XOM) fourth-quarter FY23 earnings. The company’s adjusted net profit came in at $9.96 billion, or $2.48 per share, down from $14.04 billion, or $3.40 per share, a year earlier, beating the consensus of $2.21. Adjusted EPS also came above Goldman Sachs’ estimate of $2.22. Revenue and other income slipped to $84.34 billion from $95.43 billion and missed Wall Street’s estimate of $85.23 billion. Net production stood at 3,824 thousand oil-equivalent barrels per day, vs. analyst estimate of 3,757 thousand oil-equivalent barrels per day. Also, the company’s upstream earnings came above the analyst’s estimate. Mehta expects the conference call to center on cost reduction targets, upstream volume guidance, refining outlook, the Pioneer Natural Resources acquisition, and capital spending balance. The analyst estimates revenue and EPS of $341.23 billion and $8.32 in FY24 and $348.05 billion and $9.51 in FY25, respectively. Mehta reiterated a Neutral
The following is a summary of the Exxon Mobil Corporation (XOM) Q4 2023 Earnings Call Transcript: Financial Performance: Exxon Mobil reported 15% return on capital employed, with earnings worth $36 billion in 2023. Cost reductions and asset optimization have facilitated a 100% increase in the company’s earnings. Through the sale of assets, Exxon Mobil generated over $4 billion in cash during 2023. Despite adverse conditions in 2023, investments made by Exxon Mobil generated profits and remained cash-positive. For the fourth quarter, cash flow from operations amounted to $13.7 billion; ignoring working capital, cash flow stood at $16.9 billion. Business Progress: Exxon Mobil registered record-breaking performance in upstream and refining operations. Exxon launched Proxxima, a resin product, and entered the lithium business; successfully developing unique technology for carbon capture. Exxon Mobil has three new organizations in place – Global Supply, Trading, and Global Business Solutions; this organizational restructuring is anticipated to
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CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: Our 12-month target price of $110, cut $11, reflects a 6.5x multiple of enterprise value to projected 2025 EBITDA, in line with XOM’s historical forward average. We cut our 2024 EPS estimate by $1.46 to $8.03 and start 2025’s at $8.41. Q4 EPS of $2.48 vs. $3.40 beat the consensus view by $0.27. Production of 3.82 mmboe/d in Q4 was 2.3% above consensus, helped by growth in the Permian, which XOM believes can rise by a 13% CAGR through 2027. Our downgrade is on a more pessimistic macro outlook for 2024 and 2025, one in which we think crude oil prices average flat to down vs. 2023’s $78/b for U.S. benchmark WTI, and natural gas prices improve only modestly. We think XOM is executing well on the
CFRA Cuts View On Shares Of Exxon Mobil To Hold From Buy Read Post »
The following is a summary of the Chevron Corporation (CVX) Q4 2023 Earnings Call Transcript: Financial Performance: Chevron reported an adjusted ROCE of 14%, returning a record $26 billion cash to shareholders in 2023. Q4 2023 production was 867,000 barrels of oil equivalent per day. The company had Q4 earnings of $2.3 billion, while adjusted earnings were $6.5 billion. Adjusted earnings were $730 million higher than the previous quarter, mainly due to higher liftings coupled with record quarterly production. Full-year adjusted earnings dropped near $12 billion from the prior year due to lower prices. The balanced sheet remained strong, with a net debt ratio comfortably in the single digits. The company successfully delivered its four financial priorities, including an 8% increase in dividends and reducing debt by over $4 billion. Business Progress: Chevron expects a 2% to 4% decrease in 1H production, but plans to reach around 900,000 barrels per
Chevron(CVX.US) Q4 2023 Earnings Conference Read Post »
CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: Our 12-month target of $160, cut $2, reflects a 5.8x multiple of enterprise value to projected ’25 EBITDA, slightly below CVX’s historical forward average. We think a modest discount is merited by CVX’s exposure to California refining, which is important to CVX’s overall downstream capacity, and is also where we see headwinds looming in ’24. We cut our ’24 EPS view $1.57 to $12.55 and set ’25’s at $13.20. Q4 EPS of $3.45 vs. $4.09, beat the consensus view by $0.23. We are also taking a more pessimistic tone to our outlook for energy prices through ’25. We see WTI prices flat to down vs. the $78/b average in ’22, and see only modest improvement in natural gas pricing. CVX remains cost disciplined, and in ’23 allocated
CFRA Cuts View On Shares Of Chevron Corporation To Hold From Buy Read Post »
Chevron Reports Fourth Quarter 2023 Results — Reported earnings of $2.3 billion; adjusted earnings of $6.5 billion — Record $26.3 billion cash returned to shareholders in 2023 — Record annual worldwide and U.S. production — Announced an 8 percent increase in quarterly dividend to $1.63/share SAN RAMON, Calif.–(BUSINESS WIRE)–February 02, 2024– Chevron Corporation (NYSE: CVX) reported earnings of $2.3 billion ($1.22 per share – diluted) for fourth quarter 2023, compared with $6.4 billion ($3.33 per share – diluted) in fourth quarter 2022. Included in the current quarter were $1.8 billion of U.S. upstream impairment charges and $1.9 billion of decommissioning obligations from previously sold assets in the U.S. Gulf of Mexico. Foreign currency effects decreased earnings by $479 million. Adjusted earnings of $6.5 billion ($3.45 per share – diluted) in fourth quarter 2023 compared to adjusted earnings of $7.9 billion ($4.09 per share – diluted) in fourth quarter 2022. See
Chevron Reports Fourth Quarter 2023 Results Read Post »
from $1.51. The new payout, equal to $6.52 a year, represents an annual yield of about 4.41% based on Thursday’s closing price of $147.89, up from 4.08%. The San Ramon, Calif., company, which in October had said it was planning the increase, on Friday said the dividend is payable March 11 to shareholders or record Feb. 16.
Chevron Raises Quarterly Dividend by 7.9% to $1.63 Read Post »
Chevron: 4Q U.S. Net Oil-Equivalent Production Was Up 34% Vs Year-Ago and Set New Quarterly Record, Primarily Due to the Acquisition of PDC.
Chevron: U.S. Refinery Crude Oil Inputs During 4Q Increased 4% From Year-Ago Period as Company Processed More Crude Oil in Place of Other Feedstocks.
Exxon Mobil Corp’s (NYSE:XOM) fourth-quarter FY23 result adjusted net profit came in at $9.96 billion, or $2.48 per share, down from $14.04 billion, or $3.40 per share, a year earlier, beating the consensus of $2.21. Adjusted profits were higher Q/Q, led by favorable derivative mark-to-market impacts, increasing volume and mix on advantaged Guyana and Permian assets, and stronger chemical margins. Revenue and other income slipped to $84.34 billion from $95.43 billion and missed Wall Street’s estimate of $85.23 billion. Net production stood at 3,824 thousand oil-equivalent barrels per day, almost flat Y/Y, and rose 136,000 oil-equivalent barrels per day Q/Q thanks to favorable entitlement effects and growth in Permian and Guyana assets. The company’s capital and exploration expenditures stood at $7.8 billion in the fourth quarter, bringing full-year 2023 expenditures to $26.3 billion, slightly above the top end of the guidance range of $23 billion to $25 billion. In October, Exxon
Exxon Mobil is one of the most mentioned companies in the U.S. across all news items in the last 12 hours, according to Factiva data. Exxon Mobil netted $36 billion in revenue in its recent earnings. Exxon’s earnings were down more than a third from record levels in 2022, but still well above historic averages. Exxon reported $7.6 billion in fourth-quarter earnings, down 40% from the same period a year earlier. It took a $2 billion impairment charge as the result of what it called regulatory obstacles in California. The company touted cost cuts as its production rose to records in Guyana and the Permian Basin of West Texas and New Mexico. Dow Jones & Co. owns Factiva.
Exxon Mobil 3Q Earnings Drop 40% From Last Year Read Post »