California-based Chevron Corp. (NYSE: CVX) facilitates the provision of administrative, financial management, and technology support for energy and chemical operations. The company majorly operates through the Upstream and Downstream segments. The CVX share is considered a large-cap stock with a market cap of $318B
The Financial Snapshot of the Last Quarter
The affiliation’s revenue during the second quarter of 2023 was lower than its earnings for a similar time in 2022. It happened because their overall income from selling refined goods was reduced and they made less money from selling oil. In the second quarter of 2023, their total revenue from Sales and other operating revenues was $47.2 billion. a decrease from the $65.4 billion they made the previous year.
The reason for this drop was lower commodity prices than usual. Still, they produced 2% more oil and identical goods than they did during a similar period last year, mostly because they were transporting a record amount of oil from the Permian Bowl—772,000 barrels per day.
Shareholders Will Get Their Bank Filled
The company has broadcasted that it will convey a profit of $1.51 per share to all holders of ordinary stock. This distribution was made on September 11, 2023, to the people who own the stock on record as of August 18, 2023. The CEO of the association, Mike Wirth, said that the association’s financial results are perfect. In addition to this, the firm has returned a lot of cash to their financial backers, (shareholders).
They have conveyed over 12% Return on capital employed in the business for eight consecutive quarters and returned $7.2 billion to shareholders in the quarter. It is a 37% growth in comparison to the comparative quarter of the prior year.
Technical Analysis and Prediction of the CVX Stock Price
At the press time, the CVX stock price is trading at the level of $166. The trend is positive while the resistance is situated at $172. Coming to the support levels, they are near $157 and $150 for the first and second support, respectively. The 50-day EMA is at $164 while the 150-day EMA is at $172. The prediction for the CVX stock price will be bullish, given that the bulls will take support from the current trend and break past the resistance level.
Conclusion
Chevron Corp. (NYSE: CVX) provides administrative, financial, and technological support for energy and chemical operations. The company has reported a negative growth in its revenue in the last year. The current price is surfing on the uptrend and the prediction is bullish if the trend continues.
Technical Levels
- Support: $157, and $150
- Resistance: $172, and $183
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks or related indexes comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/10/22/cvx-stock-quarterly-results-elevate-the-trend-whats-ahead/