While the Oil and Gas industry’s earnings increased by 22.3% per year on average, Chevron’s earnings grew at 25.4% annually. As reported by Simply Wall St., a website that offers financial insights and analysis, the company’s revenues also rose moderately, at an average annual rate of 9.8%. The company has a return on equity of 22.4% and net margins of 15.4%.
The company’s debt-to-equity ratio is 14.5%, as its total shareholder equity is $160.4 Billion and its total debt is $23.2 Billion. Its total assets and total liabilities, as per Simply Wall St., are $255.9 Billion and $95.5 Billion, respectively. The company has an EBIT of $43.1 Billion, which gives it an interest coverage ratio of 87. It also has $15.8 Billion in cash and short-term investments.
The market capitalization of CVX stock is $286.849 Billion, and the total revenue is $236.37 Billion. Moreover, the stock’s basic EPS is $18.58, and the price-to-earnings ratio is 8.30. Moreover, the average volume is 7.814 Million, and the current volume is 4.353 Million. The current volume is below average volume.
Moreover, the stock has not done well this month, falling by -3.24% and dropping by -15.14% in the last six months. Chevron Corporation(NYSE: CVX) stock has a negative year-to-date return of -13.82% and a positive 1-year return of 10.42%.
Technical Analysis of Chevron Stock Price in 1-D Timeframe
The price action shows that Chevron’s stock price ( NYSE: CVX) dropped by about 20% from the supply zone at $187, creating lower highs and lower lows. It reached the demand zone at $149.74 in two months. Then, the price rebounded and climbed by 15%, forming higher highs and lows. It broke through the intermediate hurdles and reached $172.86 in a month.
However, the price could not sustain and fell again by around 13% in the next two months. By June 1st, the price hit the major demand zone again at $149.74. The price tried to reverse several times, but the new resistance at $160 limited further movement. The price was trapped in a range between $151 and $160. The stock is trading at $155.37 at the time of publishing.
Moreover, the price found multiple supports on an ascending trendline. On the one-day time frame, it appears to be a rising wedge pattern, a bearish sign. If the price breaks the trendline, we may see a breakdown in the coming weeks and hit the nearest support levels.
At the time of publishing, Chevron’s stock price ( NYSE: CVX) is trading below the 20, 50, 100, and 200-day EMAs (exponential moving average), rejecting the price trend. Hence, the CVX price is expected to move downwards, giving bearish views over the daily time frame chart.
The current value of RSI is 48.16 points. The 14 SMA is below the median line at 49.66 points, indicating that the price is bearish as the RSI is in bearish territory.
The MACD line at 0.3082 and signal line at 0.2851 are below the zero line, and a bearish crossover was observed in the MACD oscillator, which signals more bearishness for CVX stock.
Summary
Chevron’s stock price shows that the investors and traders of the stock are bearish on the 1-D time frame. The price action shows a bearish outlook at the time of publishing. Technical parameters of the CVX stock also support the bearish trend. The major indicators MACD, RSI, and EMA give negative signals and imply that the downtrend may continue in Chevron Corporation (CVX) stock.
Technical Levels
- The nearest support levels: $151 and $149.
- The nearest resistance levels: $160 and $162.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/07/19/chevron-stock-price-prediction-cvx-stock-will-hurdles-break/