Streetbeat News

CVX

Chevron Corporation

https://www.chevron.com

Industry

Oil & Gas Integrated

Chevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant. The Downstream segment engages in refining crude oil into petroleum products; marketing crude oil, refined products, and lubricants; manufacturing and marketing of renewable fuels; transporting crude oil and refined products by pipeline, marine vessel, motor equipment, and rail car; and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses, and fuel and lubricant additives. It is also involved in the cash management and debt financing activities; insurance operations; real estate activities; and technology businesses. The company was formerly known as ChevronTexaco Corporation and changed its name to Chevron Corporation in 2005. Chevron Corporation was founded in 1879 and is based in San Ramon, California.

Open

157.94

Mkt cap

287B

Volume

7.6M

High

158.01

P/E Ratio

16.77

52-wk high

167.11

Low

156.40

Div yield

0.04

52-wk low

135.37

Oil prices have surged past $90 per barrel, a level not seen in the last 10 months, due to an improving global demand outlook and tightening supplies. This has resulted in a 30% increase in the U.S. oil benchmark over the past three months. Factors contributing to the surge include stronger-than-expected U.S. economic data, China's stimulus measures, and the prospect of central banks ending their tightening campaigns. On the supply side, oil producers are extending production cuts and oil inventories are at historically low levels. Several U.S. oil-related stocks show varying degrees of sensitivity to these oil price fluctuations.

Portfolio Pulse from Piero Cingari

September 15, 2023 | 2:10 pm

A significant bullish stance on Chevron (NYSE:CVX) has been observed through unusual options activity. The sentiment among these big-money traders is split between 54% bullish and 45% bearish. The whales have been targeting a price range from $150.0 to $200.0 for Chevron over the last 3 months. The price of CVX is up 0.63% at $167.25.

Portfolio Pulse from Benzinga Insights

September 14, 2023 | 8:16 pm

Arm Holdings is preparing for an IPO that could value the company at $54 billion. Goldman Sachs has dismissed multiple employees due to violations of its communications guidelines. Google is reducing its global recruiting department due to a hiring slowdown. Starbucks founder and former CEO Howard Schultz is leaving the company's board. Marvel Studios' VFX workers have voted for unionization. Singapore may impose new rules on ride-hailing companies like Grab Holdings. Kroger's Home Chef division is in a logo dispute with Grubhub. Carrefour is issuing price alerts on products from suppliers like Nestle, PepsiCo, and Unilever. CrownRock is preparing for a potential sale that could value the company at over $10 billion. Delta Air Lines and United Airlines are facing an antitrust lawsuit. Ron Baron holds over $1 billion in shares in SpaceX. Microsoft is facing a formal EU complaint over its Teams app. Electronic Arts' Stig Asmussen is leaving the company. OpenAI is opening a new office in Dublin. Caesars Entertainment has suffered a cybersecurity breach.

Portfolio Pulse from Vandana Singh

September 14, 2023 | 1:56 pm

CrownRock, backed by billionaire Timothy Dunn, is reportedly preparing for a potential sale that could surpass $10 billion, marking a significant milestone in the U.S. oil and gas industry. The company has initiated discussions with investment banks to oversee the sale process. Oil industry giants like Exxon Mobil Corp and Chevron Corp are expected to be approached for the potential acquisition. The decision to explore a sale is driven by the recent upswing in oil prices and high demand for positions in the prosperous Permian basin, where CrownRock operates.

Portfolio Pulse from Vandana Singh

September 14, 2023 | 11:29 am

Valero (NYSE:VLO), a petroleum company, has seen a 20% increase in its stock since the second half of 2023, outperforming the S&P (NYSE:SPY) which only saw a 0.5% increase. Valero's competitors, Phillips 66 (NYSE:PSX) and Marathon Petroleum (NYSE:MPC), have also seen significant increases in their stocks, with 18% and 33% respectively.

Portfolio Pulse from Thrash Capital

September 13, 2023 | 3:54 pm

The energy sector is in the spotlight due to fluctuations in oil prices and a resurgent interest in heating oil. Liquefied natural gas (LNG) is expected to gain significant attention due to volatile inventory levels in the EU, labor disruptions in supply hubs, and geopolitical tensions. The U.S., a major player in the global LNG market, exported 3.8 trillion cubic feet of LNG in 2022. Last week, a dip in EU LNG inventories and Chevron Australia’s LNG strikes led to a spike in the price of UK Natural Gas and Henry Hub futures. Chevron (NYSE:CVX), ExxonMobil (NYSE:XOM), Cheniere Energy (NYSEAMERICAN: LNG), and Shell (NYSE:SHEL) are mentioned in the context of the LNG market.

Portfolio Pulse from Kevin Green

September 12, 2023 | 3:52 pm

Chevron has acquired 100% of Magnum Development and a majority interest in ACES Delta. The financial terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

September 12, 2023 | 1:03 pm

Chevron has requested the involvement of an Australian workplace mediator to help resolve an ongoing labor dispute. The dispute has been ongoing for some time and Chevron is seeking external help to find a resolution.

Portfolio Pulse from Benzinga Newsdesk

September 11, 2023 | 5:49 am

Large-cap ETFs with AUM above $10 billion were screened for weekly returns. Winners included Energy Select Sector SPDR Fund (XLE) and iShares MSCI Japan ETF (EWJ), while losers were iShares Silver Trust (SLV) and VanEck Gold Miners ETF (GDX). XLE, with holdings in Exxon Mobil and Chevron, was up 2.53% over the week. EWJ, with holdings in Toyota and Sony, was down 0.96%. SLV, tracking silver performance, was down 5.98%. GDX, providing exposure to gold mining companies like Newmont and Barrick Gold, was down 3.35%.

Portfolio Pulse from Johnny Rice

September 08, 2023 | 8:48 pm

Strikes at Chevron Corp.'s Australian Liquefied Natural Gas (LNG) export facilities have disrupted 7% of the global LNG supply, causing a surge in natural gas prices. The strikes come after failed negotiations with unions. The facilities primarily serve Asia, and prolonged strikes could further disrupt operations and affect prices worldwide. Natural gas prices have already risen, with the European Dutch TFF benchmark surging over 10% and the Henry Hub natural gas price in the US rising 2%. Shares of major US natural gas exporting companies, including Cheniere Energy Inc., Antero Resources, Devon Energy Corp., EQT Corp., and Southwestern Energy Co., have also seen increases.

Portfolio Pulse from Piero Cingari

September 08, 2023 | 3:02 pm

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