Chevron stock performance compared to SPY
Chevron stock performance in the third quarter so far
Chevron stock has fallen in the current quarter, mainly due to the fall in crude oil prices.
In the third quarter so far, WTI, the benchmark oil, has declined 6%. Earlier in the quarter, oil prices slumped as major oil producers increased their oil supplies. Demand worries further impacted oil prices.
However, later in the quarter, oil prices started recovering due to a fall in oil inventories in the United States. Concerns over US sanctions on Iran also supported oil prices. Moreover, tropical storm Gordon, which was expected to become a hurricane, further affected oil prices. Oil prices didn’t fully recover the loss incurred earlier in the quarter. Overall, oil prices have declined in the quarter.
Coming back to Chevron, the company posted lower-than-expected second-quarter earnings in July. Its revenues missed Wall Street analysts’ estimate by 7%. Its adjusted EPS was $1.80, which missed the estimated EPS of $2.10 by ~15%. Its adjusted EPS was 96% higher than its adjusted EPS in Q2 2017.
In the next part, we’ll see what Chevron’s moving averages suggest.