Oil giants Chervon Corporation (NYSE:CVX) and ExxonMobil Corporation (NYSE:XOM) report quarterly financial results Friday before market open. The reports come with oil a top market storyline and gas prices hitting highs not seen in years.
Here are the earnings estimates, analyst ratings and key items to watch.
Chevron Q1 Earnings Estimates
Analysts expect Chevron to report first-quarter earnings per share of 99 cents, down from $2.18 per share in last year's first quarter, according to data from Benzinga Pro.
The company has beaten analyst estimates for earnings per share in three straight quarters and in six of the last 10 quarters overall.
Analysts expect Chevron to report first-quarter revenue of $51.63 billion, up from $47.61 billion in last year's first quarter.
The company has missed analyst estimates for revenue in four straight quarters, while beating estimates in five of the last 10 quarters overall.
Chevron Analyst Ratings
Here are the recent analyst ratings on Chevron stock ahead of earnings:
- Scotiabank: Maintained Sector Perform rating, raised price target from $168 to $187
- BNP Paribas: Upgraded from Neutral to Outperform, with price target of $174
- RBC Capital: Maintained Outperform rating, raised price target from $200 to $220
- Wells Fargo: Maintained Overweight rating, raised price target from $204 to $222
ExxonMobil Q1 Earnings Estimates
Analysts expect ExxonMobil to report first-quarter earnings per share of $1.05, down from $1.76 in last year's first quarter.
The company has beaten analyst estimates for earnings per share in seven straight quarters and in nine of the last 10 quarters overall.
Analysts expect the company to report first-quarter revenue of $84.53 billion, up from $83.13 billion in last year's first quarter.
The company has beaten analyst estimates for revenue in three straight quarters and in five of the last 10 quarters overall.
ExxonMobil Analyst Ratings
Here are the recent analyst ratings on ExxonMobil stock ahead of earnings:
- Scotiabank: Maintained Sector Outperform rating, raised price target from $128 to $163
- BNP Paribas: Upgraded from Underperform to Neutral rating, raised price target from $125 to $165
- Wolfe Research: Downgraded from Outperform to Peer Perform, with no price target
- Morgan Stanley: Maintained Overweight rating, lowered price target from $172 to $172
Key Items to Watch
The earnings reports from Chevron and ExxonMobil could center on the rising price of oil and rising gas prices across the country.
The prolonged Middle East conflict with Iran is putting oil even more in the spotlight. Positive commentary about production and the margins on oil prices from the company management could see shares trade higher.
Gas prices are likely to be a hot topic during the conference call. Management for both companies will likely be cautious to talk too much about increased margins and profits from higher oil and gas prices as consumers struggle across the country.
Still, investors will look to see if this is a way to play the rising gas prices. The timing of these earnings reports could be a blessing for Chevron and ExxonMobil.
While ExxonMobil has the higher market capitalization, Chevron has some extra attention thanks to its position in the Dow Jones Industrial Average and as a key holding in the Berkshire Hathaway (NYSE:BRK)(NYSE:BRK) investment portfolio.
Chevron is the 20th largest holding in the SPDR Dow Jones Industrial Average ETF (NYSE:DIA) at 2.42% of assets. The oil giant is the fifth largest holding in the Berkshire Hathaway investment portfolio at $25.14 billion in assets.
Stock Price Action
- Chevron stock trades at $192.99 Thursday versus a 52-week trading range of $133.77 to$ $214.71. Chevron stock is up 23.8% year-to-date in 2026.
- ExxonMobil stock trades at $154.24 Thursday versus a 52-week trading range of $1101.18 to $176.41. ExxonMobil stock is up 25.8% year-to-date in 2026.
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