Oil giant Chevron Corp. (NYSE: CVX) will get its chance to impress Wall Street before the market opens Friday when it reports its third quarter results.The last time the company reported earnings was back in July when it was unable to meet analyst estimates by posting 87 cents per share verse estimates for 95 cents. Traders seem optimistic that the company will meet expectations this time around and are driving the stock up 2.5% in today's trading.
After a sell off back in July the stock has been on a steady upward climb, and in order to maintain its momentum the company is going to need to post earnings of at least $1.47 in the morning. Last year's third quarter saw the company earn $3.85 a share.
All the oil companies were pulling in some record numbers last summer when gasoline prices were going through the roof, but times are much tighter now. One of Chevron's main competitor's, Exxon Mobil (NYSE: XOM) missed its estimate today, posting 98 cents per share, lower than the $1.03 that Wall Street was hoping to see.
Oil is trading up nicely today, as precious crude broke through the psychological $80 barrier today to $80.46, but has since dropped a little lower and is currently up $2.46 to $79.92.
The stock is displaying bullish technicals and currently has a very positive 5 STARs S&P rating.
Will the company hit its estimates this quarter, or come in short like its rival Exxon Mobil? We will find out before the market opens tomorrow.
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