In the latest market close, Chevron (CVX) reached $148.73, with a +0.68% movement compared to the previous day. The stock's performance was ahead of the S&P 500's daily gain of 0.47%. At the same time, the Dow added 0.79%, and the tech-heavy Nasdaq gained 0.28%.

The oil company's shares have seen an increase of 3.01% over the last month, surpassing the Oils-Energy sector's loss of 6.86% and falling behind the S&P 500's gain of 3.48%.

Investors will be eagerly watching for the performance of Chevron in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on November 1, 2024. The company is expected to report EPS of $2.80, down 8.2% from the prior-year quarter. At the same time, our most recent consensus estimate is projecting a revenue of $51.6 billion, reflecting a 4.58% fall from the equivalent quarter last year.

For the full year, the Zacks Consensus Estimates are projecting earnings of $11.02 per share and revenue of $201.36 billion, which would represent changes of -16.07% and +0.2%, respectively, from the prior year.

It is also important to note the recent changes to analyst estimates for Chevron. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 2.93% downward. At present, Chevron boasts a Zacks Rank of #4 (Sell).

In terms of valuation, Chevron is currently trading at a Forward P/E ratio of 13.4. This represents a premium compared to its industry's average Forward P/E of 7.98.

We can also see that CVX currently has a PEG ratio of 2.68. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. As the market closed yesterday, the Oil and Gas - Integrated - International industry was having an average PEG ratio of 1.52.

The Oil and Gas - Integrated - International industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 230, which puts it in the bottom 9% of all 250+ industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Chevron Corporation (CVX) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research