Estimated EPS: $2.97/share
Estimated revenues: $56.01 billion
Chevron is set to report earnings before the bell on Friday and most analysts are expecting lower 2nd quarter profits due to thinner refining margins and greater challenges in maintaining production levels. The company earned $3.66/share and $60.61 billion in the first quarter. With Exxon Mobil and Royal Dutch Shell reporting declining profits earlier this week, investors will be sure to compare Chevron's results for future signs of growth in the industry. As the second largest oil company in the world behind Exxon and one of the 30 companies in the Dow Jones Index, the earnings will have an impact on the oil and gas space for the foreseeable future.
Despite the projected slowdown in profits, the stock has been performing well for the year, up 16%. From an ichimoku cloud point of view, the stock still has a bullish setup:
Above the cloud: price, tenkan, kijun, chikou
Bullish kumo future
Key Price levels:
Swing high: 127.84
Tenkan: 126.5
Kijun: 122.42
Cloud high: 121.75
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