NEW YORK (TheStreet) -- Shares of Chevron (CVX) - Get Report are slipping 1.86% to $99.90 in pre-market trading this morning after the San Ramon, CA-based oil and gas company reported mixed second quarter results before today's market open.
Chevron posted adjusted earnings of 35 cents per share, surpassing analysts projected 32 cents per share. Revenue came in at $28 billion, falling just short of analysts expected $28.5 billion.
Last year, Chevron posted earnings of 83 cents per share, on revenue of $40.36 billion.
The company reported a loss of $1.5 billion in earnings year-over-year, partly due to non-cash charges of $2.8 billion.
"The second quarter results reflected lower oil prices and our ongoing adjustment to a lower oil price world," said Chevron CEO John Watson in a statement. "In our upstream business, we recorded impairment and other charges on certain assets where revenue from expected oil and gas production is expected to be insufficient to recover costs."
Oil prices are falling to three-month lows, as Crude oil (WTI) is down 1.90% to $41.14 and Brent crude is falling 1.80% to $42.70.
Additionally, foreign currency effects increased Chevron earnings in the second quarter by $279 million, compared with a decrease of $251 million in 2015.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
We rate CHEVRON CORP as a Hold with a ratings score of C. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and poor profit margins.
You can view the full analysis from the report here: CVX