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Chevron Corporation (CVX) Common Stock USD0.75

Sell:$161.59 Buy:$161.60 Change: $0.53 (0.33%)
Market closed |  Prices as at close on 21 November 2024 | Switch to live prices |
Ex-dividend
Sell:$161.59
Buy:$161.60
Change: $0.53 (0.33%)
Market closed |  Prices as at close on 21 November 2024 | Switch to live prices |
Ex-dividend
Sell:$161.59
Buy:$161.60
Change: $0.53 (0.33%)
Market closed |  Prices as at close on 21 November 2024 | Switch to live prices |
Ex-dividend
The selling price currently displayed is higher than the buying price. This can occur temporarily for a variety of reasons; shortly before the market opens, after the market closes or because of extraordinary price volatility during the trading day.

HL comment (1 November 2024)

No recommendation - No news or research item is a personal recommendation to deal. All investments can fall as well as rise in value so you could get back less than you invest.

Chevron’s third-quarter revenue fell 6.3%, largely due to lower prices which more than offset a 6.9% increase in production.

Underlying net profit fell at a much faster rate of 20.8% to $4.5bn. This was driven by the lower sale prices, weaker refining margins and the absence of favourable tax items which helped the prior year’s numbers. Despite the double-digit decline, profits were still better than markets expected.

Free cash flow improved from $5.0bn to $5.6bn due to lower levels of capital expenditure. Net debt was $21.1bn, up from $12.6bn at the start of the year.

Full-year production growth is now expected to land at the top end of its 4-7% guidance range. Pending regulatory approval, asset sales in the fourth quarter should generate proceeds of around $8bn before tax.

A fourth-quarter dividend of $1.63 was announced, up 7.9%. The group plans to complete between $4-4.75bn of share repurchases in the period.

The shares rose 2.1% in pre-market trading.

Our view

HL view to follow.

This article is original Hargreaves Lansdown content, published by Hargreaves Lansdown. It was correct as at the date of publication, and our views may have changed since then. Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by Refinitiv. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Investments rise and fall in value so investors could make a loss.

This article is not advice or a recommendation to buy, sell or hold any investment. No view is given on the present or future value or price of any investment, and investors should form their own view on any proposed investment. This article has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is considered a marketing communication. Non-independent research is not subject to FCA rules prohibiting dealing ahead of research, however HL has put controls in place (including dealing restrictions, physical and information barriers) to manage potential conflicts of interest presented by such dealing. Please see our full non-independent research disclosure for more information.


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