Chevron stock performance versus SPY
In this series, we’ll review Chevron’s (CVX) market performance. We’ll begin by analyzing Chevron’s stock and moving averages this quarter, followed by its stock forecast range to the end of next quarter. We’ll also review Chevron’s dividend yield trend, institutional activity, short interest changes, and valuations compared to peers. Let’s begin with Chevron’s stock performance in this part of our series.
Chevron (CVX) stock has risen by 12% since April 2, outperforming the SPDR S&P 500 ETF (SPY), which closely follows and tracks the S&P 500 Index. CVX’s peer Royal Dutch Shell (RDS.A) has increased 8% since April 2. ExxonMobil (XOM) and BP (BP) have risen 10% and 13%, respectively, in the quarter so far.
Chevron stock rises in the second quarter so far
From April 2 to May 14, WTI (West Texas Intermediate) rose 13%, SPY rose 6%, and Chevron stock rose 16%. However, the trend has reversed since then. Since May 14, WTI price has fallen 8% and Chevron stock has fallen 4% but SPY has risen 1%.
So, Chevron stock has trended in line with WTI this quarter. Overall, WTI has risen 3% and SPY has risen 7%. Despite the fall in Chevron’s stock since May 14, its overall 12% gain has outperformed SPY this quarter.
Earlier in the quarter, oil prices rose due to production cuts by major oil-producing countries, geopolitical tensions, and increasing global demand. However, since May 14, oil prices have softened due to the expectation of an increase in global supply from OPEC members like Saudi Arabia and non-OPEC countries like Russia. More eyes are on the OPEC meeting scheduled for June 22, when OPEC could decide whether to raise its output. See Traders Are Tracking OPEC’s Meeting on June 22.
Un April, Chevron posted better-than-expected first-quarter earnings, which could have further supported the rise in the stock earlier in the quarter. See Chevron’s 1Q18 Earnings Increased, Stock Rose.
In the next part of this series, we’ll see what Chevron’s moving averages suggest.