Energy giant, Chevron Corporation(CVX) reported on Thursday that they are expecting an increase in profits in the fourth quarter
The company reported that they are expecting an increase in profits in the fourth quarter compared to the third quarter. Reported earnings for Q3 were $5.25 billion, or $2.69 per share.
CVX expects to see an upside in the following quarter due to asset sale gains, including a $1.4 billion transaction with Royal Dutch Shell for natural gas fields on the Australian coast. The company also expects a higher volume of oil and gas production.
Analysts expect to see EPS of $3.03 in Q4. Fourth quarter earnings will be released on February 1.
Chevron shares were up 86 cents, or 0.78% during premarket trading Friday. The stock has increased 2% in the past year.
The Bottom Line
Shares of Chevron (CVX) have a 3.26% dividend yield, based on last night’s closing stock price of $110.47. The stock has technical support in the $105 price area. If the shares can firm up, we see overhead resistance around the $115 price level.
Chevron Corporation(CVX) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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