What's Going On With Shell And Chevron Stock Tuesday?

Shell PLC SHEL and Chevron Corporation CVX are trending across social media platforms on Tuesday. Both oil companies are set to release earnings soon, with Shell expected to report its 2024 fiscal-year fourth-quarter earnings on Jan. 30 and Chevron on Jan. 31.

Analysts expect Shell to report earnings per share of $1.56 and revenue of $49.23 billion.

Previously, the company lowered its guidance for integrated gas production for the fourth-quarter, now expecting between 880 – 920 kboe/d oil-equivalent barrels per day. This is down from its previous forecast of 900 – 960 boe/d.

Shell also lowered its forecast for LNG production to between 6.8 million and 7.2 million metric tons, down from the previous range of 6.9 million to 7.5 million metric tons.

Analysts estimate earnings per share of $2.19 and revenue of $46.93 billion for Chevron’s fourth quarter. Chevron had previously indicated that it expects to close asset deals in Canada, Congo, and Alaska throughout the quarter. Additionally, the company said it is working on cost reduction initiatives and aims to achieve $2-3 billion in structural cost savings by the end of 2026, starting from 2024.

Ahead of earnings, Raymond James analyst Justin Jenkins maintained an outperform rating on Chevron and raised the price target from $175 to $180.

See Also: What’s Going On With GE Vernova (GEV) Stock Ahead Of Q4 Earnings?

Price Action: At the time of publication, Chevron stock is trading 0.75% lower at $160.26 and Shell shares are trading 0.26% lower at $66.90, according to data from Benzinga Pro.

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