Chevron Corporation (NYSE:CVX) investors will likely be paying close attention to the company's third-quarter financial results on October 27 given its recently announced $53 billion deal to acquire Hess Corporation.
The analyst consensus forecast is for the energy giant’s 3Q earnings per share (EPS) to slide 36% to $3.58 despite a notable rise in the oil price during the three-month period.
Its revenue for the quarter, meanwhile, is also expected to fall 19% to $54 billion, according Zacks Investment Research.
During 2Q, Chevron’s EPS surpassed Wall Street expectations after the company produced a record 772,000 barrels of oil equivalent at the Permian Basin.
For the first half of the year, Chevron said its net oil equivalent production in 2023 was little changed from the previous year.
Zacks added that Chevron has beaten earnings estimates in its two previous reports and suggested it could reveal an upside surprise in 3Q as well.
The company noted it intends to increase its share repurchases by $2.5 billion to the top end of its guidance range of $20 billion per year after the Hess deal closes and expects to increase its first-quarter dividend per share by 8% to $1.63 in January.
Shares of Chevron slipped nearly 4% to $161.05 in midday trading on Monday and have fallen 7% year to date.
Contact Sean at sean@proactiveinvestors.com