Friday, January 29, 2010

16 analysts WAY off on Chevron's q4 Revenue (CVX)

DJIA member Chevron Corp (CVX) reported "muddled" earnings this morning, but it looks like they beat expectations.

Revenue of $48billion came in 20% above the Street average estimate, and 8% above the street high estimate. I don't know how they were so off on that one...

At first glance, earnings of 1.53 per share look lighter than the 1.70 the Street was expecting, but after pulling out 20cents per share in charges, they came in ahead of expectations.

Refining margins were absolutely disastrous this quarter, as expected. For the fourth quarter, downstream (Refining, marketing and transportation) lost $613million, versus a profit of $2.08billion a year ago. Jaysus.

Despite that horrible number, CVX shares are positive today, up a little over half a percent. Investors might be betting that the 8% smack to the stock already this year is a bit much, and the 3.7% expected dividend yield doesn't hurt either...

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