Chevron Corp raised its buy estimates for the same stock after it reported its biggest quarterly profit in its history, driven by strong fuel margins and high prices for natural gas and oil.
The oil company reported second-quarter net income of $11.6 billion, or $5.95 per share, up from $3.1 billion, or $1.6 per share, a year ago.
Energy demand has rebounded sharply in the past 12 months but high fuel and natural gas prices are hitting consumers worldwide.
Economic data worldwide show that various economies are beginning to slow down, with possible destruction of demand.
Fuel prices have skyrocketed due to a combination of the pandemic, sanctions in Russia and export quotas in China, which have reduced refining capacity.
Chevron raised estimates for its share repurchase cap to $15 billion from $10 billion.
Analysts do not expect an extension of the buyback program so soon, after it upgraded estimates in May to the upper end of the $5-10 billion range.
The company is also using its earnings to reduce its debt ratio, which is below 15%, lower than its estimates.
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
