Chevron (NYSE:CVX) Issues Quarterly Earnings Results, Beats Estimates By $0.08 EPS

Chevron (NYSE:CVX) issued its quarterly earnings results on Friday. The oil and gas company reported $1.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $0.08, FiscalAI reports. Chevron had a return on equity of 8.74% and a net margin of 6.57%.The firm had revenue of $45.79 billion for the quarter, compared to analyst estimates of $48.18 billion. During the same period last year, the company earned $2.06 EPS. The firm’s quarterly revenue was down 10.2% on a year-over-year basis.

Here are the key takeaways from Chevron’s conference call:

• Chevron reported record production and major project ramp‑ups, citing the Tengiz Future Growth Project (+260,000 b/d), startups at Ballymore and Whale, Anchor ramp‑up, and a Permian above 1,000,000 b/d, supporting an expected ~7–10% production increase in 2026 (ex‑asset sales).
• Financial strength — adjusted free cash flow was ~$20 billion for 2025 (up >35% YoY excluding asset sales), the company repurchased $3 billion in Q4 and raised the quarterly dividend by 4%.
• Cost and capital discipline — the structural cost program delivered $1.5 billion in 2025 with a >$2 billion run rate and a new target of $3–4 billion by end‑2026, while portfolio high‑grading drove a dividend/CapEx breakeven below $50 Brent.
• Venezuela update — Chevron says its joint‑venture operations have increased gross production to ~250,000 b/d since 2022 via a venture‑funded model and could expand up to 50% in 18–24 months, but further growth depends on U.S. authorizations and fiscal/regulatory clarity.
• Operational disruption at TCO — a temporary power distribution issue forced safe recycle and partial downtime; production has resumed and the company expects most capacity back within weeks, though the event highlights operational risk despite unchanged $6 billion 2026 TCO FCF guidance at $70 Brent.

Chevron Trading Up 3.3%

Shares of CVX opened at $176.75 on Friday. Chevron has a 12 month low of $132.04 and a 12 month high of $177.30. The stock’s 50-day moving average is $156.40 and its two-hundred day moving average is $155.45. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.15 and a quick ratio of 0.86. The stock has a market cap of $355.90 billion, a PE ratio of 24.86, a P/E/G ratio of 11.92 and a beta of 0.70.

Chevron Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 10th. Shareholders of record on Tuesday, February 17th will be given a $1.78 dividend. This represents a $7.12 annualized dividend and a yield of 4.0%. This is a boost from Chevron’s previous quarterly dividend of $1.71. The ex-dividend date of this dividend is Tuesday, February 17th. Chevron’s dividend payout ratio is 96.20%.

Analysts Set New Price Targets

A number of research firms recently issued reports on CVX. Wall Street Zen upgraded shares of Chevron from a “sell” rating to a “hold” rating in a report on Saturday. HSBC set a $169.00 price target on shares of Chevron and gave the company a “buy” rating in a report on Monday, December 1st. Bank of America dropped their price objective on Chevron from $183.00 to $180.00 and set a “buy” rating for the company in a report on Thursday, December 11th. Zacks Research upgraded Chevron from a “strong sell” rating to a “hold” rating in a report on Tuesday, December 23rd. Finally, Jefferies Financial Group boosted their price target on Chevron from $174.00 to $189.00 and gave the company a “buy” rating in a research report on Wednesday, January 14th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, seven have given a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, Chevron presently has an average rating of “Hold” and a consensus price target of $170.00.

Insider Buying and Selling

In related news, insider Alana K. Knowles sold 3,200 shares of the business’s stock in a transaction that occurred on Wednesday, January 28th. The stock was sold at an average price of $170.00, for a total transaction of $544,000.00. Following the transaction, the insider directly owned 1,207 shares of the company’s stock, valued at approximately $205,190. The trade was a 72.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director John B. Hess sold 275,000 shares of the stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $150.75, for a total transaction of $41,456,250.00. Following the completion of the sale, the director directly owned 1,128,045 shares of the company’s stock, valued at $170,052,783.75. This trade represents a 19.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 645,924 shares of company stock valued at $102,079,188. Corporate insiders own 0.21% of the company’s stock.

Hedge Funds Weigh In On Chevron

A number of institutional investors have recently added to or reduced their stakes in the company. Turning Point Benefit Group Inc. acquired a new stake in shares of Chevron during the third quarter valued at about $49,000. Wiser Advisor Group LLC purchased a new position in Chevron in the third quarter valued at about $57,000. BNP Paribas boosted its holdings in Chevron by 76.4% in the second quarter. BNP Paribas now owns 441 shares of the oil and gas company’s stock valued at $63,000 after purchasing an additional 191 shares during the last quarter. Measured Wealth Private Client Group LLC acquired a new stake in Chevron during the 3rd quarter valued at approximately $100,000. Finally, Darwin Wealth Management LLC purchased a new stake in Chevron during the 2nd quarter worth approximately $109,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Q4 adjusted EPS beat expectations ($1.52 vs ~ $1.44) and management emphasized cost cuts and efficiency gains that helped margins despite lower oil prices. This beat is a primary catalyst for the stock lift. Chevron Reports Fourth Quarter 2025 Results
• Positive Sentiment: Dividend increased to $1.78/share (4.1% raise), marking 39 consecutive years of increases — supports yield-focused investor demand. Chevron lifts dividend to $1.78/share
• Positive Sentiment: Record/strong production and clearer 2026 growth outlook (Permian, Tengiz, newly acquired Hess assets, guidance for 7–10% production growth) underpin earnings resilience and upside potential. Chevron Production & Outlook (MarketBeat)
• Positive Sentiment: Venezuela opportunity: Chevron plans to raise Venezuelan exports (reports of targeting ~300k bpd) and CEO comments say Caracas is taking steps to protect private investment — investors see material upside if exports scale. Chevron eyes Venezuela opportunities (Reuters)
• Neutral Sentiment: CEO interviews and media coverage reinforced the Venezuela narrative and production outlook but provide limited new detail beyond the earnings call. CEO Mike Wirth on TV (CNBC)
• Neutral Sentiment: Kazakhstan government engagement: Chevron reassured Tengiz partners it will operate reliably and safely — supports operational stability but is not a new earnings driver. Tengiz operations (Reuters)
• Negative Sentiment: Revenue missed expectations (Q4 revenue ~$45.8B vs ~$48.2B consensus) and full-year profits fell year‑over‑year — a reminder earnings strength is margin/production driven, not top‑line growth. Q4 results detail (BusinessWire)
• Negative Sentiment: Insider selling: CFO Eimear Bonner and another senior insider disclosed sizeable sales on Jan. 28 — can be interpreted negatively by some investors despite routine reasons for sales. CFO Form 4 (SEC)
• Negative Sentiment: Board-approved executive pay and long‑term equity award increases were announced, which could be viewed unfavorably by governance‑focused investors. Executive pay update (TipRanks)

About Chevron

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.