Chevron Corporation founded in the year 1879, is an American multinational energy corporation that operates in the integrated oil industry and energy minerals sector. Moreover, it has 43.846K employees currently working for the company. Chevron Corporation’s current CEO is Michael K. Wirth and has its headquarters in San Ramon.
The CVX stock price has declined by -1.02% during the last trading session resulting in a CMP of $162.23. This stock has a PE ratio of 10.40 and follows an EPS of 15.83 USD. It represents that the Chevron Corporation is profitable and makes $10.40 on each share.
Chevron Corporation has 1.907 Billion shares floating in the market available for trading with 507.422K shares held, leading to a market cap of $309.47 Billion. CVX has a debt/equity ratio of 13.59%, which can be considered neutral for the company. Also, the P/B ratio of the company is 1.91 which is a good figure representing strength in the company.
Chevron Corporation Stock Performance Analysis
Chevron Corporation has made a revenue of $236.37 Billion in the year 2022. Its revenue was $156.29 Billion in the year 2021. The net income of the company has advanced by $19.84 Billion as compared to the previous year which is a really good number. This company’s debt has also declined from $34.87 Billion to $27.37 Billion. And the net income of the company is 15.00% of the total revenue.
Performance Analysis of CVX Stock
Despite the current volatility in the stock price of CVX shares, it has outperformed its estimated results and has surprised investors with higher returns over the last 4-5 quarters. Following this, the expert analysts are bullish on the stock and giving a buying rating on the Tradingview platform.
Will CVX Stock Still Continue To Follow The Channel Pattern?
The Chevron Corporation stock is trading in an uptrend making a rising channel pattern. The stock recently tried to break below the pattern but was unable to give a closing below it showing buying pressure at lower levels. If the share price breaks above its previous day’s high it can lead to the upper band of the channel.
The EMAs for the CVX stock are trading in a golden cross on the daily charts. The current behavior of the EMAs represents uncertainty. This is because the 50-day and the 200-day EMA are trading very close to each other.
Following a bullish cycle on the daily timeframe, the current behavior of the CVX share’s RSI represents weakness. The RSI value of the stock has declined to 41.89 and is also currently trading below the 14-day SMA.
Conclusion
Chevron Corporation has very good financials and has improved it over time. The company also has been meeting the expected revenue and EPS over the quarters. Curerntly the technicals of the share are uncertain following a strong golden EMA cross and a weak RSI.
Therefore, if the CVX stock price breaks above its previous trading day high level with an advance in RSI level above 50. The EMAs are already bullish, we can witness higher levels in the stock price in the upcoming days.
Technical Levels
- Support levels- $150.00 and $158.00
- Resistance levels- $172.00 and $188.00
Disclaimer
The information provided in this article, including the views and opinions expressed by the author or any individuals mentioned, is intended for informational purposes only. It is important to note that the article does not provide financial or investment advice. Investing or trading in cryptocurrency assets carries inherent risks and can result in 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/2023/10/09/will-chevrons-upcoming-earnings-help-cvx-stock-to-outperform/