Chevron Corp. ‘s record-busting earnings came in slightly under Wall Street expectations on Friday, sending the stock more than 4% lower and making it a top equity-market loser.
Chevron CVX earlier Friday reported a mixed fourth quarter, beating the analyst consensus on revenue, and the stock went on to lead losses among S&P 500 SPX energy companies. It was the second worst performer among the 30 components of the Dow Jones Industrial Average DJIA . In addition, all four reporting segments — domestic and international upstream, exploration and production, domestic and international downstream, and making and selling derived products — “showed a downtick in profit from the record levels achieved in the second and third quarters of 2022,” said Peter McNally, global head of sector analysts at Third Bridge.
The first question during Chevron’s call with analysts after its quarterly results were reported was about the buyback and the “decision-making process for getting to that $75 billion.” “We understand all the arguments about quality , but all this feels reasonably well priced, in our view,” the analyst said, keeping the equivalent of a hold rating on the stock.
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