Yahoo TV

Chevron missed expectations in its second quarter, in part due to pressure from lower refining margins. Stewart Glickman, CFRA Research Energy Equity Analyst and Deputy Research Director joined Market Domination to discuss.

Chevron (CVX) saw revenue of $51.18 billion for the quarter, higher than expected. But the oil giant's adjusted earnings per share of $2.55 missed expectations of $2.93. Glickman described the print as "disappointing," and downgraded the shares to a Hold from a Buy.

Beyond the quarter, Chevron now faces a lengthy delay in its attempted acquisition of Hess (HES). Chevron saying in a securities filing that an arbitration case brought by rival ExxonMobil (XOM) could drag on well into 2025. Glickman noted that prolonged uncertainty was a factor in downgrading the stock, noting he and his team have "thrown in the towel" on the Chevron story.

Conversely, ExxonMobil had a stellar quarter with a beat on its top and bottom line. The company's production securing a big boost from its recent acquisition of Pioneer. Glickman raised his price target on ExxonMobil's stock, noting the oil giant has "a much better story to tell."

For more expert insight and the latest market action, click here to watch this full episode of Market Domination.

This post was written by Kathleen Welch