TLDR
Chevron stock reached $235.67 in premarket trading, moving above its previous 52-week high of $234.08.
Chevron reported adjusted third-quarter earnings of $5.28 per share, exceeding analysts’ $4.89 estimate.
Adjusted net income reached $10.4 billion, while revenue and other income rose to $67.8 billion.
Chevron’s refining business generated $4.9 billion in earnings, up from $1.1 billion a year earlier.
Global oil production declined to 3.98 million barrels of oil equivalent per day from 4.07 million in the previous quarter.
Chevron ( CVX ) stock closed Thursday at $231.46, gaining 0.99%, then reached $235.67 in Friday’s premarket trading. That exceeded its $234.08 52-week high. Chevron released third-quarter results Friday, October 30, before its 11 a.m. ET earnings call. Its performance came as elevated crude prices continued to shape energy company profits.
Chevron Corporation, CVX
Chevron Stock Gains After Earnings Beat
Chevron posted $9.9 billion in net income, or $5.06 per share. Adjusted earnings reached $10.4 billion, or $5.28 per share, beating Wall Street’s $4.89 estimate.
Revenue and other income rose to $67.8 billion from $49.7 billion a year earlier. Recent Middle East attacks raised oil supply concerns , which unsettled markets.
However, adjusted earnings fell from $6.06 per share in the second quarter. Average Brent crude prices fell between quarters, from $104 to $97 a barrel, Chevron reported.
Refining Profits Offset Lower Production
Chevron’s downstream business, which refines and sells fuel, earned $4.9 billion, compared with $1.1 billion a year ago. Stronger refining margins supported the increase.
Other energy firms reported strong results. GE Vernova reported higher revenue and cash flow on October 28, amid rising power equipment orders.
Chevron produced 3.98 million barrels of oil equivalent daily, versus 4.07 million in Q2. Its U.S. refineries processed a record 1.09 million barrels of crude daily.
Chevron Maintains Share Buyback Pace
Chevron repurchased $2.5 billion in shares during the third quarter, matching the bottom of its earlier $2.5 billion to $3 billion forecast. It also distributed $3.5 billion through dividends.
Free cash flow reached $12 billion, versus $4.9 billion a year earlier. Chevron also reduced net debt to $20.7 billion, down from $34.5 billion at the end of 2025.
Chevron has outlined annual buybacks of $10 billion to $20 billion. In September, CFO Eimear Bonner said the company did not “like to move the buyback rate during times of volatility.”
Analysts Watch Price Levels and Oil
Bank of America raised its Chevron target to $252, while Morgan Stanley lifted its target to $226. The average analyst target stood around $232.50 before the report.
Recent buyback announcements include Nextpower’s $500 million repurchase plan announced this week. For Chevron stock, the daily chart places an important near-term resistance level at $233.65. A daily close above that level could bring $240.83 into focus. Falling crude prices remain a risk to future earnings after this year’s oil rally.
The post Chevron (CVX) Stock Climbs, but Buyback Questions Remain appeared first on Blockonomi .
