Shares of Exxon Mobil Corp. and Chevron Corp. were among the top gainers Friday after the integrated oil companies presented a mixed fourth-quarter picture to Wall Street.
At Chevron CVX, +3.24% analysts at Barclays highlighted the company’s “strong” cash flow beat, a capital expenditure program superior to Exxon’s, and a slightly better-than-expected 2019 production guidance.
Chevron reported adjusted earnings of $1.95 a share on sales of $42.3 billion, which compare with expectations of adjusted earnings of $1.87 a share on sales of $42.5 billion, according to FactSet. The small revenue miss got eclipsed by the cash flow beat, the Barclays analysts said.
Chevron shares were on track for their highest close since Dec. 3, while Exxon stock was on pace for its highest close since Dec. 13.
Exxon XOM, +3.60% earlier Friday reported adjusted fourth-quarter earnings of $1.51 a share on sales of $71.9 billion, which compared with expectations of an adjusted profit of $1.08 a share on sales of $72.5 billion.
Analysts at Raymond James kept the equivalent of a sell rating on Exxon’s stock, calling to attention its “uninspiring production outlook and lack of share buyback.”
Production was also a mixed bag, the analysts said, pointing out to growth in oil production and “major headwinds” in U.S. and Europe natural gas production.
Shares of Chevron have declined 5.3% in the past 12 months, while Exxon shares have lost 15%. That compares with losses around 4% for the S&P 500 index SPX, +0.09% and the Dow Jones Industrial Average DJIA, +0.26% which Exxon and Chevron are components.