San Ramon, California-based Chevron Corporation (CVX) is a fully integrated oil & gas company focusing on oil & gas production, refining, and marketing. It operates through Upstream and Downstream segments. With a market cap of $238.8 billion, Chevron operates as one of the largest publicly traded oil & gas companies in the world.

The energy giant is set to announce its first-quarter results before the markets open on Friday, May 2. Ahead of the event, analysts expect Chevron to deliver a non-GAAP EPS of $2.49, down 15% from $2.93 reported in the year-ago quarter. While the company has missed Street’s bottom-line estimates twice over the past four quarters, it has surpassed the projections on two other occasions.

Meanwhile, for the full fiscal 2025, CVX is expected to report a non-GAAP EPS of $10.30, up 2.5% from $10.05 in fiscal 2024. In fiscal 2026, its earnings are expected to further surge 18.7% year-over-year to $12.23 per share.

CVX stock has plunged 16.2% over the past 52 weeks, notably lagging behind the S&P 500 Index’s ($SPX) 3.2% uptick during the same time frame. However, it has performed slightly better than the Energy Select Sector SPDR Fund’s (XLE) 19.3% drop over the past year.

Chevron’s stock prices dropped 4.6% after the release of its mixed Q4 results on Feb. 4. The company reported record levels of production in 2024, its Worldwide and U.S. net oil-equivalent production increased 7% and 19% respectively. However, its financials were adversely impacted due to the lower spread of refined products and lower realization. Chevron’s sales and other operating revenues dipped 1.2% year-over-year to $48.3 billion. Meanwhile, its non-GAAP adjusted earnings plummeted 43.7% year-over-year to $3.6 billion and its non-GAAP EPS of $2.06 missed the Street’s expectations by 5.9%, unsettling investor confidence.

Nevertheless, analysts remain optimistic about the stock’s longer-term prospects. The consensus view on CVX is extremely optimistic, with a “Strong Buy” rating overall. Out of the 22 analysts covering the stock, 15 recommend “Strong Buy,” two advise “Moderate Buy,” and five suggest a “Hold” rating. Its mean price target of $176.64 suggests a 30.2% upside potential from current price levels.