Earnings Previews: Chevron, Exxon Mobil, Phillips 66, Weyerhauser

The consensus estimate for first-quarter revenue is $34.86 billion, up 3.8% sequentially and 59.0% higher year over year. Adjusted EPS are forecast at $1.26, down 57.2% sequentially but up 265% year over year. For full fiscal 2022, analysts are looking for EPS of $8.17, up 43.4%, and revenue of $140.56 billion, up 22.4%.

Phillips 66 stock trades at 10.2 times expected 2022 EPS, 10.2 times estimated 2023 earnings of $8.20 and 9.1 times estimated 2024 earnings of $9.19 per share. The stock’s 52-week range is $63.19 to $94.34. Phillips 66 pays an annual dividend of $3.68 (yield of 4.49%). Total shareholder return for the past 12 months was 12.1%.


Lumber and wood products giant Weyerhaeuser Co. (NYSE: WY) saw its stock sink to a 52-week low in mid-July before rising to an all-time high last week. Lumber prices have come off their own August low but are still about 50% below their May 2021 high. Weyerhaeuser is among the world’s largest forest landowners and the company keeps buying more. It is also worth noting that Weyerhaeuser is a real estate investment trust and must pay out 90% of its earnings as a dividend.

Analysts show little interest in Weyerhaeuser. Just 10 cover the stock, and of those, eight have rated the stock a Buy or Strong Buy. The other two have Hold ratings. At a share price of around $41.40, the implied upside based on a median price target of $45 is about 8.7%. At the high target of $50, the implied upside is 20.8%.

Revenue for the first quarter of fiscal 2022 is forecast at $2.99 billion, up 35.7% sequentially and 19.1% year over year. Adjusted EPS are forecast at $1.23, up 150.2% sequentially and 35.0% higher year over year. For the full fiscal year, EPS are forecast at $2.80, down 17.1% year over year, on sales of $9.93 billion, down 2.3%.

Weyerhaeuser shares trade at 14.8 times expected 2022 earnings, 23.5 times estimated 2023 earnings of $1.77 and 17.8 times estimated 2024 earnings of $2.32. The stock trades in a 52-week range of $32.65 to $43.04. The company pays an annual dividend of $0.72 (yield of 1.76%). Total shareholder return for the past 12 months was 12.6%.

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