Chevron's Q3 Results Support Higher Free Cash Flow Outlook, Morgan Stanley Says

MT Newswires Live11-03 00:25

Chevron (CVX) delivered stronger-than-expected Q3 results, driving higher free cash flow forecasts, Morgan Stanley said Monday in a report.

Morgan Stanley raised its Q4 free cash flow estimate to $12.1 billion from $11.3 billion while lowering its EPS estimate to $5.14 from $5.42. It raised its 2026 free cash flow forecast 3% to $44.8 billion and its 2027 forecast 3% to $42 billion.

On Friday, Chevron reported Q3 adjusted earnings of $5.28 per diluted share on revenue of $67.8 billion. Analysts polled by FactSet expected EPS of $4.87 on revenue of $61.8 billion.

The earnings beat reflected stronger-than-expected refining performance, while capital spending came in below forecasts, the report said. Morgan Stanley said it expects Chevron's 2027 capital budget to remain within the company's long-term spending range.

Chevron continues to offer strong free cash flow generation and above-sector growth potential, with opportunities in Venezuela, Iraq, Libya, Syria and Egypt providing potential upside to the company's plans, the report said.

Morgan Stanley raised its price target on Chevron stock to $230 from $226 and kept its overweight rating.

Price: 230.16, Change: -5.37, Percent Change: -2.28

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2680769004?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2026-11-03 00:25","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2680769004","market":"sh","top_or_hot":-1,"title":"Chevron's Q3 Results Support Higher Free Cash Flow Outlook, Morgan Stanley Says","media":"MT Newswires Live","content":"<html><body><p> Chevron (CVX) delivered stronger-than-expected Q3 results, driving higher free cash flow forecasts, Morgan Stanley said Monday in a report.</p><p>Morgan Stanley raised its Q4 free cash flow estimate to $12.1 billion from $11.3 billion while lowering its EPS estimate to $5.14 from $5.42. It raised its 2026 free cash flow forecast 3% to $44.8 billion and its 2027 forecast 3% to $42 billion.</p><p>On Friday, Chevron reported Q3 adjusted earnings of $5.28 per diluted share on revenue of $67.8 billion. Analysts polled by FactSet expected EPS of $4.87 on revenue of $61.8 billion.</p><p>The earnings beat reflected stronger-than-expected refining performance, while capital spending came in below forecasts, the report said. Morgan Stanley said it expects Chevron's 2027 capital budget to remain within the company's long-term spending range.</p><p>Chevron continues to offer strong free cash flow generation and above-sector growth potential, with opportunities in Venezuela, Iraq, Libya, Syria and Egypt providing potential upside to the company's plans, the report said.</p><p>Morgan Stanley raised its price target on Chevron stock to $230 from $226 and kept its overweight rating.</p><p>Price: 230.16, Change: -5.37, Percent Change: -2.28</p></body></html>","source":"mtnewswires_news","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Chevron's Q3 Results Support Higher Free Cash Flow Outlook, Morgan Stanley Says</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChevron's Q3 Results Support Higher Free Cash Flow Outlook, Morgan Stanley Says\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1092851196\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/3002d84abbd5ace3c99397c7f95b8d4e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">MT Newswires Live </p>\n<p class=\"h-time\">2026-11-03 00:25</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p> Chevron (CVX) delivered stronger-than-expected Q3 results, driving higher free cash flow forecasts, Morgan Stanley said Monday in a report.</p><p>Morgan Stanley raised its Q4 free cash flow estimate to $12.1 billion from $11.3 billion while lowering its EPS estimate to $5.14 from $5.42. It raised its 2026 free cash flow forecast 3% to $44.8 billion and its 2027 forecast 3% to $42 billion.</p><p>On Friday, Chevron reported Q3 adjusted earnings of $5.28 per diluted share on revenue of $67.8 billion. Analysts polled by FactSet expected EPS of $4.87 on revenue of $61.8 billion.</p><p>The earnings beat reflected stronger-than-expected refining performance, while capital spending came in below forecasts, the report said. Morgan Stanley said it expects Chevron's 2027 capital budget to remain within the company's long-term spending range.</p><p>Chevron continues to offer strong free cash flow generation and above-sector growth potential, with opportunities in Venezuela, Iraq, Libya, Syria and Egypt providing potential upside to the company's plans, the report said.</p><p>Morgan Stanley raised its price target on Chevron stock to $230 from $226 and kept its overweight rating.</p><p>Price: 230.16, Change: -5.37, Percent Change: -2.28</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"DSMC","symbol_name":"Distillate Small/Mid Cash Flow ETF","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2680769004","we_media_id":"1092851196","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2680769004","pubTimestamp":1793636703,"columns":[],"sourceInfo":{"source_id":"mtnewswires_news","name":"MT Newswires"},"weMediaInfo":{"media_name":"MT Newswires Live","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. Better news, better service, better price.","home_visible":1,"id":"1092851196","head_image":"https://community-static.tradeup.com/news/3002d84abbd5ace3c99397c7f95b8d4e"},"summary":"Chevron  delivered stronger-than-expected Q3 results, driving higher free cash flow forecasts, Morgan Stanley said Monday in a report.Morgan Stanley raised its Q4 free cash flow estimate to $12.1 billion from $11.3 billion while lowering its EPS estimate to $5.14 from $5.42. It raised its 2026 free cash flow forecast 3% to $44.8 billion and its 2027 forecast 3% to $42 billion.On Friday, Chevron reported Q3 adjusted earnings of $5.28 per diluted share on revenue of $67.8 billion. Analysts polled by FactSet expected EPS of $4.87 on revenue of $61.8 billion.The earnings beat reflected stronger-than-expected refining performance, while capital spending came in below forecasts, the report said. Morgan Stanley said it expects Chevron's 2027 capital budget to remain within the company's long-term spending range.Chevron continues to offer strong free cash flow generation and above-sector growth potential, with opportunities in Venezuela, Iraq, Libya, Syria and Egypt providing potential upside ","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"DSMC":"Distillate Small/Mid Cash Flow ETF","ABFL":"ABACUS FCF LEADERS ETF","SPHQ":"Invesco S&P 500 Quality ETF","IXC":"全球能源业ETF-iShares","TEXU":"Direxion Daily Energy Top 5 Bull 2X ETF","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","QUAL":"iShares MSCI USA Quality Factor ETF","CALF":"Pacer US Small Cap Cash Cows ETF","GXPE":"Global X PureCap MSCI Energy ETF","VDE":"Vanguard Energy ETF","FTXN":"First Trust Nasdaq Oil & Gas ETF","DIG":"二倍做多美国油气指数","DFNV":"Donoghue Forlines Innovation ETF","DIVB":"iShares Core Dividend ETF","BK4585":"ETF&股票定投概念","LU0868494708.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) INC","SFLO":"VICTORYSHARES SMALL CAP FREE CASH FLOW ETF","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","MCOW":"Pacer S&P Midcap 400 Quality Fcf Aristocrats Etf","TPFC":"Timothy Plan Free Cash Flow ETF","ICOW":"Pacer Developed Markets International Cash Cows 100 ETF","SCOW":"Pacer S&P Smallcap 600 Quality Fcf Aristocrats Etf","CVX":"雪佛龙","BK4592":"伊斯兰概念","SYLD":"股东总收益美股ETF-Cambria","COWG":"Pacer US Large Cap Cash Cows Growth Leaders ETF","PKW":"Invesco BuyBack Achievers ETF","QLTY":"GMO U.S. QUALITY ETF","IYE":"iShares U.S. Energy ETF","FQAL":"Fidelity Quality Factor ETF","NQLT":"Neuberger Quality Select ETF","IGE":"北美自然资源ETF-iShares","LGCF":"THEMES US CASH FLOW CHAMPIONS ETF","TRUN":"VanEck Energy TruSector ETF","ABLG":"ABACUS FCF INTERNATIONAL LEADERS ETF","CAFG":"PACER US SMALL CAP CASH COWS GROWTH LEADERS ETF","WEEI":"Westwood Salient Enhanced Energy Income ETF","LU0320765489.SGD":"FTIF - Franklin Mutual US Value A Acc SGD","MOTG":"VanEck Morningstar Global Wide Moat ETF","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","ABLS":"Abacus FCF Small Cap Leaders ETF","LCOW":"Pacer S&P 500 Quality FCF Aristocrats ETF","FENY":"Fidelity MSCI Energy Index ETF","QFRD":"Pacer S&P 500 Quality FCF R&D Leaders ETF","DRLL":"Strive U.S. Energy ETF","ERX":"二倍做多能源ETF-Direxion","XLE":"SPDR能源指数ETF","COWZ":"Pacer US Cash Cows 100 ETF","LU0266512127.USD":"摩根大通环球自然资源 A(acc)"},"translate_title":"摩根士丹利表示，雪佛龙第三季度业绩支持更高的自由现金流前景","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"DSMC":0.66,"TRUN":0.6,"FENY":0.6,"ERX":0.6,"DFNV":0.82,"DIVB":0.66,"CVX":1.5,"CAFG":0.66,"ABLS":0.66,"XLE":0.6,"CALF":0.66,"LCOW":0.66,"ICOW":0.66,"IXC":0.6,"NQLT":0.66,"PKW":0.66,"WEEI":0.6,"ABLG":0.66,"DIG":0.6,"COWZ":0.66,"MCOW":0.66,"ABFL":0.66,"QUAL":0.66,"GXPE":0.6,"IGE":0.6,"QFRD":0.66,"SYLD":0.66,"QLTY":0.66,"VDE":0.6,"TEXU":0.6,"DRLL":0.6,"TPFC":0.66,"SCOW":0.66,"FTXN":0.6,"SPHQ":0.66,"COWG":0.66,"LGCF":0.66,"SFLO":0.66,"IYE":0.6,"FQAL":0.66,"MOTG":0.66},"content_text":"Chevron (CVX) delivered stronger-than-expected Q3 results, driving higher free cash flow forecasts, Morgan Stanley said Monday in a report.Morgan Stanley raised its Q4 free cash flow estimate to $12.1 billion from $11.3 billion while lowering its EPS estimate to $5.14 from $5.42. It raised its 2026 free cash flow forecast 3% to $44.8 billion and its 2027 forecast 3% to $42 billion.On Friday, Chevron reported Q3 adjusted earnings of $5.28 per diluted share on revenue of $67.8 billion. Analysts polled by FactSet expected EPS of $4.87 on revenue of $61.8 billion.The earnings beat reflected stronger-than-expected refining performance, while capital spending came in below forecasts, the report said. Morgan Stanley said it expects Chevron's 2027 capital budget to remain within the company's long-term spending range.Chevron continues to offer strong free cash flow generation and above-sector growth potential, with opportunities in Venezuela, Iraq, Libya, Syria and Egypt providing potential upside to the company's plans, the report said.Morgan Stanley raised its price target on Chevron stock to $230 from $226 and kept its overweight rating.Price: 230.16, Change: -5.37, Percent Change: -2.28","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":true,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.52.1","shortVersion":"4.52.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2680769004","isCrawlerRequest":true}