Chevron Corporation ( NYSE:CVX ) reported adjusted earnings per share of $4.09 for the fourth quarter, which was lower than the Consensus Estimate of $4.16. The underperformance may be explained by the fact that both of the company’s segments produced bottom-line results that were worse than projected. Chevron stock plunged nearly 4% after the disappointing results.
The Consensus Estimate for Chevron’s upstream business came in at $5.5 billion, which was 19.8% lower than the previous mark. Meanwhile, the consensus estimate for the downstream business was missed by 3.4%.
However, Chevron’s bottom line was much higher than the adjusted profit of $2.56 per share it had earned in the same quarter a year earlier. This was made possible by increased commodity prices and product margins.
The amount of revenue earned by the corporation was $56.5 billion. The revenue figure came in higher than the Consensus Estimate of $52.3 billion and was up 17.3% compared to the previous year’s total.
Dividend Hike
This week, Chevron increased its quarterly dividend by more than 6%, bringing it to $1.51 per share (or $6.04 per share annually). Chevron stock now has a dividend yield of 3.3%. Additionally, the company tripled its spending for stock repurchases , bringing the total to $75 billion.
Performance of the Upstream Segment
Chevron’s crude oil and natural gas output came in at 3,011 MBOE/d (58% liquids), representing a 3.4% decrease from the previous year.
The most recent volume numbers reveal increasing production from the Permian Basin; ho...
Click here to read the full article on PressReach.com .Subscribe to the PressReach RSS feeds:
- Featured News RSS feed
- Investing News RSS feed
- Daily Press Releases RSS feed
- Trading Tips RSS feed
- Investing Videos RSS feed
Follow PressReach on Twitter
Follow PressReach on TikTok
Follow PressReach on Instagram
Subscribe to us on Youtube