Chevron Drops 5 percent on Q3 Profit Miss

Shares of Chevron (NYSE:CVX) dropped more than 5% intra-day today due to its Q3 profit not meeting analyst expectations.
The company reported a Q3 EPS of $3.05, which was notably short of the anticipated $3.60. However, the quarter’s revenue was $54.08 billion, surpassing the expected $51.36 billion.
Year-to-date, the company has returned $20 billion to its shareholders, marking a 27% increase from the previous year during the same timeframe.
This disappointing profit report follows Chevron’s recent announcement of a significant $53 billion deal to purchase Hess.

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