2024-04-22 09:00:00 ET
Summary
- Chevron Corporation's Q1 revenue is expected to be flat YoY, but the outlook for fiscal 2024 is likely to be upgraded due to optimism in commodity markets.
- The acquisition of Hess is under threat, but I think that the worst-case scenario is already priced in.
- Chevron is currently undervalued by 35% and offers a 4% forward dividend yield, making CVX stock an attractive investment opportunity.
Investment Thesis
I shared my initial bullish thesis about Chevron Corporation ( CVX ) in late October 2023, and CVX has demonstrated a shallow 1.6% total return since then. It is a notable underperformance compared to the broader U.S. stock market, and today I want to update my thesis, especially in light of the upcoming earnings release ( expected April 26th)....
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For further details see:
Chevron Q1 Earnings Preview: Guidance Boost Expected