Chevron’s stock at lowest in one year
Shares of Chevron Corp. fell more than 5% on Friday after the integrated oil giant reported quarterly earnings well below expectations, as rising oil prices hurt its downstream business.
The stock led the Dow Jones Industrial Average’s DJIA losers on Friday, cutting off 60 points of the Dow. Friday’s losses extended Chevron’s losing streak for a sixth straight session, and brought month-to-date Chevron losses to nearly 14%, the worst Dow performer so far this month. Exxon’s stock dropped nearly 2% on Friday, but the company presented a better quarter snapshot than Chevron, which sets “the stage for improved upstream margins,” CFRA analyst Stewart Glickman said in a note Friday.Revenue fell to $51.9 billion, from $63.5 billion a year ago, but was ahead of the $51.4 billion expected by the analysts surveyed by FactSet. Exxon’s third-quarter miss was narrower.
Also hobbling Chevron was a “much weaker-than-expected” upstream profitability, Piper Sandler analyst Ryan Todd said in his note.
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