Chevron (CVX) closed at $106.92 in the latest trading session, marking a -0.52% move from the prior day. This change lagged the S&P 500's daily loss of 0.09%. At the same time, the Dow added 0.3%, and the tech-heavy Nasdaq lost 0.6%.Heading into today, shares of the oil company had gained 5.01% over the past month, outpacing the Oils-Energy sector's gain of 4.44% and the S&P 500's gain of 4.45% in that time.CVX will be looking to display strength as it nears its next earnings release. On that day, CVX is projected to report earnings of $0.88 per share, which would represent a year-over-year decline of 31.78%. Meanwhile, our latest consensus estimate is calling for revenue of $31.22 billion, down 0.89% from the prior-year quarter.CVX's full-year Zacks Consensus Estimates are calling for earnings of $5.06 per share and revenue of $127.97 billion. These results would represent year-over-year changes of +2630% and +35.14%, respectively.Investors should also note any recent changes to analyst estimates for CVX. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 39.22% higher. CVX is currently sporting a Zacks Rank of #3 (Hold).Valuation is also important, so investors should note that CVX has a Forward P/E ratio of 21.24 right now. This represents a premium compared to its industry's average Forward P/E of 12.17.It is also worth noting that CVX currently has a PEG ratio of 4.25. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. Oil and Gas - Integrated - International stocks are, on average, holding a PEG ratio of 1.1 based on yesterday's closing prices.The Oil and Gas - Integrated - International industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 65, which puts it in the top 26% of all 250+ industries.The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.You can find more information on all of these metrics, and much more, on Zacks.com.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Chevron Corporation (CVX): Get Free Report To read this article on Zacks.com click here.