NEW YORK (TheStreet) -- Shares of Chevron (CVX) - Get Report were increasing in pre-market trading on Friday as the energy company reported better-than-expected results for the 2016 third quarter before today's market open.
Chevron posted adjusted earnings of 68 cents per share, beating analysts' estimated 37 cents per share.
Revenue came in at $30.14 billion, above Wall Street's projected $29.12 billion.
During the same quarter last year, the San Ramon, CA-based company reported adjusted earnings of $1.25 per share on revenue of $34.30 billion.
Chevron said it produced 2.51 million barrels of oil equivalent per day (boepd) worldwide in the 2016 third quarter. In the year-ago period, the company produced 2.54 million boepd worldwide.
"Third quarter results, though down from a year ago, reflect an improvement from the first two quarters of this year," said Chevron CEO John Watson in a statement.
Watson added that the company expects December production to be between 2.65 million to 2.70 million boepd. Analysts surveyed by FactSet are looking for the company to produce 2.63 million boepd in December.
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.
The team rates Chevron as a Hold with a ratings score of C. The company's strengths can be seen in multiple areas, such as its solid stock price performance and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, the team also finds 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