A Big Q4 Miss For Chevron

Shares of Chevron lost over 2% today to $113.80 as the energy giant reported Q4 earnings results which missed estimates by a wide margin.

The company announced Q4 EPS of 22 cents per share, on revenue of $31.5 billion. Analysts had expected the firm to report EPS of 64 cents per share on revenue of $33.3 billion.

In the year-ago period, Chevron reported a loss of $588 million, or 31 cents per share just as crude oil prices were hitting a 12-year low near $27.00.

We expect Chevron’s share price to closely track the price of crude oil going forward, and would look for the next area of support to be near the November price breakout range of $105

Chart – Chevron