In the latest market close, Chevron (CVX) reached $168.52, with a +0.74% movement compared to the previous day. The stock outperformed the S&P 500, which registered a daily gain of 0.38%. Elsewhere, the Dow saw a downswing of 0.03%, while the tech-heavy Nasdaq appreciated by 0.87%.

The oil company's stock has climbed by 9.28% in the past month, exceeding the Oils-Energy sector's gain of 2.26% and the S&P 500's loss of 5.59%.

Investors will be eagerly watching for the performance of Chevron in its upcoming earnings disclosure. The company is expected to report EPS of $2.49, down 15.02% from the prior-year quarter. In the meantime, our current consensus estimate forecasts the revenue to be $47.52 billion, indicating a 2.45% decline compared to the corresponding quarter of the prior year.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $10.34 per share and a revenue of $197.98 billion, representing changes of +2.89% and -2.37%, respectively, from the prior year.

Any recent changes to analyst estimates for Chevron should also be noted by investors. Such recent modifications usually signify the changing landscape of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 4.16% downward. Chevron is currently a Zacks Rank #3 (Hold).

In the context of valuation, Chevron is at present trading with a Forward P/E ratio of 16.18. For comparison, its industry has an average Forward P/E of 8.4, which means Chevron is trading at a premium to the group.

We can also see that CVX currently has a PEG ratio of 1.6. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. As the market closed yesterday, the Oil and Gas - Integrated - International industry was having an average PEG ratio of 1.39.

The Oil and Gas - Integrated - International industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 152, finds itself in the bottom 39% echelons of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Chevron Corporation (CVX) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research