Chevron (NYSE:CVX) Announces Earnings Results

Chevron (NYSE:CVX) issued its quarterly earnings results on Friday. The oil and gas company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.44, Briefing.com reports. The company had revenue of $48.61 billion during the quarter, compared to analyst estimates of $51.86 billion. Chevron had a net margin of 6.51% and a return on equity of 7.89%. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period in the prior year, the business posted $2.18 EPS.

Here are the key takeaways from Chevron’s conference call:

• Strong cash generation and shareholder returns — Chevron reported $7.1B cash from operations (ex-WC), $4.1B adjusted free cash flow, completed $2.5B of share repurchases and received a $1B Tengiz loan repayment.
• Operational momentum — Q1 production rose ~500k boe/d YoY (U.S. >2M boe/d), TCO >1M boe/d, Gorgon and Wheatstone LNG at full rates, and U.S. refineries ran record crude throughput with Q2 equity crude throughput expected >40%.
• $3B timing and working-capital headwind — A steep March crude price rise produced ~ $3B of unfavorable timing effects (inventory valuation and mark-to-market on derivatives), weighed on adjusted earnings and contributed to issuing >$5B of commercial paper (about half repaid in April).
• Disciplined capital allocation maintained — Chevron reaffirmed 2026 guidance with $18–19B capex, a $2.5–3B buyback range, reconfirmed 7–10% production growth, and is on track for $3–4B of structural cost reductions and its 2030 targets.
• Venezuela position adds optionality but remains constrained — An asset swap increases Orinoco exposure and raises the Petroindependencia stake to 49%; operations are stable but the business is still in debt-recovery mode (Venezuela ~1–2% of cash flow) with receivables likely paid down by 2027.

Chevron Stock Down 1.3%

CVX stock opened at $190.79 on Friday. Chevron has a 12 month low of $133.77 and a 12 month high of $214.71. The firm has a 50 day simple moving average of $193.08 and a 200 day simple moving average of $171.23. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.15 and a quick ratio of 0.86. The firm has a market cap of $380.12 billion, a PE ratio of 33.07, a P/E/G ratio of 0.71 and a beta of 0.51.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th will be paid a dividend of $1.78 per share. The ex-dividend date of this dividend is Tuesday, May 19th. This represents a $7.12 annualized dividend and a yield of 3.7%. Chevron’s dividend payout ratio is currently 123.40%.

Insider Buying and Selling at Chevron

In other news, CEO Michael K. Wirth sold 272,624 shares of the business’s stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $189.35, for a total transaction of $51,621,354.40. Following the sale, the chief executive officer owned 31,266 shares in the company, valued at $5,920,217.10. The trade was a 89.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider R. Hewitt Pate sold 40,200 shares of the business’s stock in a transaction that occurred on Monday, March 30th. The shares were sold at an average price of $213.30, for a total transaction of $8,574,660.00. Following the sale, the insider owned 8,638 shares in the company, valued at $1,842,485.40. This represents a 82.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 695,439 shares of company stock valued at $131,274,332 over the last three months. 0.56% of the stock is owned by insiders.

Institutional Investors Weigh In On Chevron

A number of large investors have recently made changes to their positions in CVX. State Street Corp raised its holdings in shares of Chevron by 9.1% during the third quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company’s stock valued at $23,698,184,000 after acquiring an additional 12,789,399 shares during the period. Amundi raised its holdings in shares of Chevron by 41.8% during the third quarter. Amundi now owns 11,760,376 shares of the oil and gas company’s stock valued at $1,811,333,000 after acquiring an additional 3,464,058 shares during the period. Northern Trust Corp raised its holdings in shares of Chevron by 15.3% during the third quarter. Northern Trust Corp now owns 22,724,515 shares of the oil and gas company’s stock valued at $3,528,890,000 after acquiring an additional 3,007,403 shares during the period. Renaissance Technologies LLC raised its holdings in shares of Chevron by 423.6% during the fourth quarter. Renaissance Technologies LLC now owns 2,191,314 shares of the oil and gas company’s stock valued at $333,978,000 after acquiring an additional 1,772,766 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Chevron by 2.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 36,036,844 shares of the oil and gas company’s stock valued at $5,492,377,000 after acquiring an additional 961,341 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Adjusted Q1 results topped Street estimates — Chevron reported adjusted EPS of $1.41, outpacing consensus, helped by higher oil & gas realizations and upstream production gains (Hess integration lifted output). Chevron’s upstream strength lifts first-quarter earnings past estimate
• Neutral Sentiment: Elevated crude prices from Middle East tensions remain a potential tailwind for future quarters, but the path is volatile and timing of higher realized profits depends on hedging and production recovery. Big Oil earnings and oil price context
• Neutral Sentiment: Wall Street positioning: analysts have been updating forecasts ahead of and after the print (some raise long‑term EPS outlooks), which could limit downside if guidance/forward cues are constructive. Analyst forecast changes ahead of Q1
• Negative Sentiment: Headline profits plunged (net income fell ~36%) primarily because of derivative timing losses and hedges that moved against Chevron, dragging reported earnings even though operational results improved. Profit hits five-year low due to hedging & timing
• Negative Sentiment: Balance‑sheet / cash‑flow signal: management flagged Middle East risks and the company’s net‑debt-to‑cash‑flow metric worsened, increasing investor concern about near‑term financial flexibility. Net debt to cash flow worsens; CEO flags risks
• Negative Sentiment: Short‑term market pressure from softening oil: crude weakened intraday (~3% drop), which pulled energy names lower and amplified selling after the mixed print. Crude oil down 3% and mixed Q1 coverage

Analyst Ratings Changes

A number of brokerages have recently weighed in on CVX. Bank of America upped their price target on shares of Chevron from $188.00 to $206.00 and gave the stock a “buy” rating in a research note on Monday, March 2nd. TD Cowen reduced their price target on shares of Chevron from $214.00 to $204.00 and set a “hold” rating for the company in a research note on Monday, April 13th. Piper Sandler upped their price target on shares of Chevron from $179.00 to $242.00 and gave the stock an “overweight” rating in a research note on Thursday, March 12th. Argus set a $203.00 price target on shares of Chevron in a research note on Tuesday, February 3rd. Finally, Barclays upped their price target on shares of Chevron from $172.00 to $180.00 and gave the stock an “equal weight” rating in a research note on Monday, March 16th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $198.09.

About Chevron

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.