Chevron (CVX) reports third-quarter results on October 30, with shares up 57.27% year to date and analysts forecasting a steep earnings rebound from a weak year-ago quarter. Last quarter, adjusted EPS of $6.06 marked its seventh straight consensus beat, revenue rose 51.4% to $67.20 billion as Brent averaged $104 a barrel, and free cash flow reached $18.10 billion. Downstream posted $4.87 billion versus $737 million a year earlier, and key items to watch include refining margins, Tengizchevroil output that depends on the CPC pipeline, and the 2.67-gigawatt power deal with Microsoft. Analysts' third-quarter EPS estimate rose from $4.0094 to $4.8878 over 90 days, and the stock trades at about 13x full-year consensus EPS. The article notes that after a 45.56% first-quarter beat, shares fell 4.73% within a week, suggesting that cash flow durability once oil prices cool may determine the stock's next move.
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