Analyzing Chevron’s Stock Returns



Chevron’s stock returns

In the previous part, we discussed Chevron’s (CVX) segmental earnings expectations for the third quarter. Now, we’ll review Chevron’s stock performance before its third-quarter earnings release. Since September 24, Chevron stock has declined. We’ll compare Chevron’s stock returns with the SPDR S&P 500 ETF (SPY), which closely resembles the S&P 500 Index, and WTI, which represents the benchmark oil.

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Chevron stock, oil prices, and markets in the past month

Oil prices have been volatile in the past month. From September 24 to October 3, oil prices rose 6.0% due to lower oil exports from Iran. Markets rose marginally during the same period. SPY rose 0.2% from September 24 to October 3. Chevron stock rose 2.2% during the same period.

Since October 3, oil prices have declined 9.5%. Higher oil output from major oil-producing nations has impacted oil prices. In the United States, crude oil inventories have risen, which impacted oil prices. During the same period, equity markets have fallen steeply. The SPDR S&P 500 ETF (SPY), a broader market indicator, has decreased 5.7% since October 3. Chevron stock has declined 6.5% since October 3.

In the past month, Chevron stock has declined 4.4%, WTI has fallen 4.0%, and SPY has decreased 5.5%. Chevron stock was influenced by lower oil prices and weaker markets.

Peers’ performance

BP (BP) has fallen 4.6% since September 24. Total (TOT), Equinor (EQNR), and PetroChina (PTR) have fallen 6.7%, 4.6%, and 1.6%, respectively, during the same period.

Next, we’ll discuss Chevron’s price range forecast until its earnings release.


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