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Analyzing Chevron’s Stock Returns

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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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