US-based (SPY) integrated oil and gas companies including ExxonMobil (XOM), Chevron (CVX), and Occidental Petroleum (OXY) were trading 5% below their respective 100-day moving averages. The United States Oil Fund (USO) was trading 33% below its 100-day moving average. ExxonMobil traded at par to its 100-day moving average as of January 15. Chevron and Occidental Petroleum trade 3% and 10% below their respective moving averages.
On average, these three integrated oil and gas companies were trading 3% below their respective 20-day moving average. ExxonMobil trades 2% above its 20-day moving average. In contrast, Chevron and Occidental Petroleum are both trading 4% below their respective 20-day moving averages.
Chevron’s 52-week high lies around $112. The stock struggled during February and April 2015. Since April, the stock has been in a continuous downtrend. Right now, the stock is trading close to its important support price of $80. On a closing basis, the stock stayed above the $80 price range since October 2015. Currently, the stock is trading at $83.67 as of January 15. Chevron has a weight of more than 10% in the Energy Select Sector SPDR ETF (XLE).
Wall Street analysts’ consensus estimates
Wall Street analysts’ consensus estimates suggest 15% upside for these four renewable energy companies. Over the next 12 months, ExxonMobil and Chevron could see rises of 7% and 16%, respectively, from their levels as of January 15, 2016. Occidental Petroleum could see a 23% rise. The above chart shows the moving averages and analysts’ estimates for these integrated oil and gas companies.
In the next part of this series, we’ll discuss the moving averages and analysts’ estimates for renewable energy companies.