Chevron Q3 Profit Plunges, but Beats View (CVX)
October 30th, 2009

Integrated oil giant Chevron Corporation (CVX



) on Friday posted sharply lower third quarter profits, hurt by much lower oil prices and demand amid the economic recession.
The San Ramon, California-based company reported third quarter net income of $3.83 billion, or $1.92 per share, compared with $7.89 billion, or $3.85 per share, in the year-ago period. Excluding one-time items, adjusted profit was $1.72 per share.
Revenue plunged 41% from last year, to $46.6 billion.
On average, Wall Street analysts expected a lower profit of $1.47 per share, albeit on slightly higher revenue of $47 billion.
The company said it bolstered its revenue by upping oil production by 11% in the period.
Chevron shares fell 91 cents, or -1.2%, in morning trading Friday.
The Bottom Line
We started recommending shares of CVX back on Oct.8, when the stock was trading at $70.51. The company has a 3.49% dividend yield, based on last night’s closing stock price of $77.95.
Chevron Corporation (CVX



) is a “Recommended” stock at this time, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.
Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.



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