Chevron’s stock performance
Chevron (CVX) stock has risen 1% since April 1—the beginning of the second quarter. The SPDR S&P 500 ETF (SPY), which is a broader market indicator, has risen 4%. The WTI crude oil prices have fallen 5% in the second quarter.
Stock performance in June
Chevron stock fell steeply in April and May. However, the stock has recovered in June.
In April, Chevron stock fell 3% due to its dull first-quarter earnings. The company’s adjusted earnings fell from $3.6 billion in the first quarter of 2018 to $2.8 billion in the first quarter. The lower earnings, year-over-year, were due to the fall in upstream and downstream earnings.
In May, Chevron fell 5% due to a fall in oil prices and equity markets. SPY fell 6% in May. The equity market fell due to the escalating US-China trade war and rising tension between the US and Mexico. The tension also impacted oil prices. WTI fell 16% in May.
In June, Chevron stock has risen 10%. WTI has risen 7%, while SPY has risen 7%. The US-Mexico issue eased earlier in June. Investors expected the Fed to cut interest rates and boost markets.
Chevron stock has risen 1% in the second quarter. So far, Chevron stock has underperformed SPY.