Chevron Corp

Manufacturing activity in Brazil In July 2017, the manufacturing PMI (purchasing managers’ index) in Brazil (BRZU) continued to decline, falling to 50 from 50.5 in June 2017. July 2017 brought a slowdown in both output and new business. US companies doing business in Brazil include Walmart (WMT), ExxonMobil (XOM), Chevron (CVX), and Apple (AAPL). Brazil (EWZ) […]

What is implied volatility? Volatility gauges changes in a stock’s return over a period. When estimated based on historical stock prices, it is called historical volatility. We can estimate the future volatility, or implied volatility, of security using an option pricing model. A high implied volatility would indicate that a stock price is expected to move […]

The correlation coefficient of Chevron (CVX) versus WTI stood at 0.53 in the last one-year period.

If we compare the performances of the defensive sectors, we can see that their YTD performance and one-year performances have been reasonably uniform with the exception of the energy and telecom sectors.

EV-to-EBITDA multiples in 1Q17 for ExxonMobil (XOM), Chevron (CVX), Royal Dutch Shell (RDS.A), and BP (BP) were above their historical averages.

Shell has the highest dividend yield of 7.1% among the integrated energy stocks we’re covering in this series.

ExxonMobil (XOM), Chevron (CVX), Royal Dutch Shell (RDS.A), and BP (BP) have consistently given returns to shareholders in the form of dividends.

Royal Dutch Shell’s (RDS.A) 90-day daily beta fell from 0.96 on April 3, 2017, to 0.85 on April 11, 2017.

Shell’s dividend yield is 7.1%, the highest among the integrated energy stocks in this series.

Chevron’s refining capacity Before we analyze Chevron’s (CVX) refining margin trends, le’s quickly look at its refining capacity. Chevron’s total refining capacity stands at 1.8 MMbpd (million barrels per day). Most of Chevron’s capacity, around ~1 MMbpd, is in the United States. In the international arena, Chevron has combined refining capacity of 0.3 MMbpd in South […]

Correlation coefficient In this series, we’ve analyzed Chevron’s (CVX) Mafumeira Sul project, stock movement, dividend yield, PEG (price-to-earnings-to-growth), ratio, beta, short interest, implied volatility, institutional holdings, and valuation. In this part, we’ll see how Chevron’s stock correlates with oil prices. The correlation coefficient shows the relationship between two variables. A correlation coefficient value of zero […]

Chevron’s dividend yield Chevron (CVX) has consistently given returns to shareholders in the form of dividends. Therefore, we have evaluated its dividend yields. Yield is calculated as a ratio of the annualized dividend to stock price. Chevron’s dividend yield rose from 3.3% in 4Q13 to 4.1% in 4Q16, due to a dividend increase coupled with […]

Analyst ratings for Chevron Chevron (CVX) has been rated by 25 analysts. Of the total, 17 analysts have given “buy” or “strong buy” ratings, eight have given “hold” ratings, and none have given “sell” or “strong sell” ratings on the stock. These ratings have improved from March 2016, when Chevron had fewer “buy” ratings, more […]

In this series, we’ll provide updates on Chevron’s market performance. We’ll examine CVX’s latest stock performance, analyst ratings, dividend yield, PEG (price-to-earnings-to-growth) ratio, beta, short interest position, institutional ownership status, and implied volatility movement.

ExxonMobil (XOM) produced 4.1 MMboepd (million barrels of oil equivalent per day) from its worldwide operations in 4Q16.

In its latest analyst meeting, ExxonMobil (XOM) announced that it had plans to concentrate on an integrated earnings model, capturing value at every stage of the energy chain.

Implied volatility in Royal Dutch Shell (RDS.A) currently stands at 16%, which is the highest compared to peers ExxonMobil (XOM), Chevron (CVX), and BP (BP).

Chevron’s (CVX) Downstream segment saw its earnings fall 52% YoY to ~$1.1 billion in 3Q16.

ExxonMobil (XOM) has found oil in the Payara-1 Well in the Stabroek Block, positioned 120 miles offshore Guyana. This is the company’s second discovery in the block.

BP (BP) plans to rebalance its sources and uses of cash by 2017 at an oil price level of $50–$55 per barrel.

XOM trades at 8.3x forward EV-to-EBITDA and 21.2x forward price-to-earnings, both above its peer averages.

Chevron (CVX) is focusing on expanding its high-return sectors like Petrochemicals, Additives, and Lubricants.

Chevron’s (CVX) Upstream segment production is poised to grow, with some of the major projects starting up in 2016–2017.

Battered by falling oil prices, the 2Q16 ROE numbers for ExxonMobil (XOM), Chevron, Royal Dutch Shell, and BP were lower than their five-year average historical ROE figures.

ExxonMobil (XOM) trades at an 8.1x EV-to-EBITDA multiple and a 20.2x price-to-earnings ratio, both above its peers’ averages.

Changing oil prices have changed the dynamics for Total’s segments. Although upstream earnings have declined in 2Q16 YoY, they stayed positive in the quarter.

Suncor Energy (SU) has witnessed a 34% rise in its short interest since April 2016.

ExxonMobil’s price-to-earnings (or PE) ratio has generally shown an uptrend in the past two years. In 1Q16, the stock traded at a PE of 26.4x.

Shell plans to restructure itself to become more resilient to lower oil prices and more focused in terms of assets. To do this, it plans to use four levers.

Shell’s stock price has largely moved in-line with crude oil prices. This is reflected in the results of a correlation test.

Specialty oilfield chemicals are used in the oil and gas industry to improve well performance by making exploration and production more efficient.

Gasoline prices in the West Coast region were at $2.45 per gallon on January 25, 2016—around $0.60 per gallon higher than the average US gasoline prices.

Thus, Iran’s Western oil sanctions were lifted on Saturday, January 16, 2016. On Sunday, January 17, Iran stated that it would increase its crude oil production by 500,000 bpd (barrels per day) as soon as possible.

Natural gas is used as heating fuel in 48% of the homes across the country, electricity is used for heat in 38% of homes, and the rest of the fuels are used for heat in the remaining 14% of homes.

BP’s refining segment has 2.0 million barrels per day of refining capacity worldwide. In the United States, it has around 0.74 MMbpd of refining capacity.

The EIA (U.S. Energy Information Administration) reported that the US gasoline inventory rose by 8.4 MMbbls to 240.4 MMbbls for the week ending January 8, 2016.

The integrated energy model provides Chevron’s insulation from oil and natural gas price volatility. This is reflected in the results of the correlation test.

The depressed energy market has erased just over $1 trillion of market capitalization from oil and gas companies around the globe.

Crude oil prices like any other commodity are subject to changes based on the supply and demand dynamics.

The correlation coefficients of ExxonMobil to Brent, West Texas Intermediate, and Henry Hub natural gas prices stand at 0.22, 0.35, and 0.36, respectively.

Total global natural gas reserves stand at 6,606 trillion cubic feet, of which 43% are in the Middle East.

Investors should track the GRM and crack spread of a region where a company’s refinery is located.

RRR reflects how many barrels of oil equivalent the company adds to its reserves in replacement of ones that are produced.

LyondellBasell is one of the world’s leading producers of olefins and polyolefins. After Dow Chemical, LYB is the second largest company by revenue and EBITDA in the US.

The recent rise in the crack spread is driven by factors like low crude oil prices, a rise in demand for gasoline, and a sharp rise in demand for propane.

According to the EIA, since the Torrance outage, imported supplies of gasoline have been arriving in Southern California from all over the world.

When the Fed refers to “inflation,” it’s talking about the rate of change in PCE (personal consumption expenditure) inflation. This is the price index for PCE.

The U.S. Energy Information Administration reported a decrease of 4.4 million barrels in crude oil inventories for the week ended July 31.

The Energy Select Sector SPDR ETF (XLE) rose 0.22% in the week to June 26. The ETF tracks a diverse group of ~45 of the largest US energy stocks.

For 1Q15, analysts are expecting Cheniere Energy Partners’ revenue to come in at $67.1 million. The loss per share estimates have been pegged at -$0.113.