{"id":33709,"date":"2023-07-10T12:05:22","date_gmt":"2023-07-10T16:05:22","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/chevron-stock-down-13-over-six-months-whats-next\/"},"modified":"2023-07-10T12:05:24","modified_gmt":"2023-07-10T16:05:24","slug":"chevron-stock-down-13-over-six-months-whats-next","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=33709","title":{"rendered":"Chevron Stock Down 13% Over Six Months, What\u2019s Next?"},"content":{"rendered":"
\n

After a 13% decline over the last six months, at the current price of around $153 per share, we believe Chevron Corporation (NYSE: CVX), a company manufacturing and selling a range of refined petroleum products, including gasoline, diesel, marine, and aviation fuels, premium base oil, finished lubricants, and fuel oil additives – could see gains in the longer term. CVX
\n CVX
\n <\/fbs-ticker> stock has declined from around $175 to $153 in the last six months, as oil prices have been surprisingly lower than expected this year. Crude oil is trading in the low $70s, down double-digits from the beginning of the year. Having said that, the short-term trend for oil will depend upon the level of market angst. But, we believe that the energy giant\u2019s fundamentals remain strong, which will likely pave the way for longer-term gains. Also, we believe that rebounding demand and tight supplies can lead to higher oil prices by the end of the year. Even if oil trends lower, Chevron is among the lowest-cost producers, so they can still generate a tremendous amount of cash.<\/p>\n

In Q1, Chevron\u2019s earnings from refining helped offset declines in energy prices as well as oil and gas production. Q1 earnings in the U.S. Upstream segment fell 45% year-over-year (y-o-y) to $1.8 billion and slid 8.5% to $3.4 billion in the International Upstream segment, primarily due to lower realizations. On the other hand, Q1 earnings in the U.S. Downstream earnings doubled from a year ago to $977 million and International Downstream swung to a $823 million profit from a $155 million year-ago loss, primarily due to higher margins on refined product sales. The company\u2019s first-quarter revenues fell around 7% y-o-y to $50.1 billion but earnings grew to $3.46 per share from $3.22 per share in the year-ago quarter. In addition, Chevron\u2019s Q1 net production fell 3% y-o-y to 2.98 million barrels of oil equivalent (boe)\/day, as international production declined with the end of the Erawan concession in Thailand, although production in the Permian Basin increased 4%.<\/p>\n

We forecast CVX\u2019s Revenues<\/strong> to be $195 billion for the fiscal year 2023, down 17% y-o-y. Looking at the bottom line, we now forecast EPS to come in at 13.24. Given the changes to our revenues and earnings forecast, we have revised our CVX\u2019s Valuation<\/strong> to $170 per share, based on $13.24 expected EPS and a 12.9x P\/E multiple for the fiscal year 2023 – almost 11% higher than the current market price. It should be noted that we use core sales revenue (which comes from the sale of hydrocarbons) figures that exclude the revenue it generates from the distribution, processing, and marketing of hydrocarbon and other sources of income.<\/p>\n

Chevron is buying PDC Energy, an onshore U.S. energy producer for $6.3 billion. The core reason for the purchase is to increase the company\u2019s oil reserves and reduce the carbon intensity of the company\u2019s energy production.<\/p>\n

<\/fbs-ad><\/p>\n

It is helpful to see how its peers stack up. CVX Peers shows how Chevron\u2019s stock compares against peers on metrics that matter. You will find other useful comparisons for companies across industries at Peer Comparisons.<\/p>\n

What if you\u2019re looking for a more balanced portfolio instead? Here\u2019s a high-quality portfolio that\u2019s beaten the market consistently since 2016.<\/p>\n

Invest with Trefis <\/strong>Market Beating Portfolios<\/strong><\/p>\n

See all Trefis <\/strong>Price Estimates<\/strong><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

After a 13% decline over the last six months, at the current price of around $153 per share, we believe Chevron Corporation (NYSE: CVX), a company manufacturing and selling a range of refined petroleum products, including gasoline, diesel, marine, and aviation fuels, premium base oil, finished lubricants, and fuel oil additives – could see gains […]<\/p>\n","protected":false},"author":1,"featured_media":33710,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-33709","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"\nChevron Stock Down 13% Over Six Months, What\u2019s Next? | iFintechWorld<\/title>\n<meta name=\"description\" content=\"After a 13% decline over the last six months, at the current price of around $153 per share, we believe Chevron Corporation (NYSE: CVX), a company\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=33709\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chevron Stock Down 13% Over Six Months, What\u2019s Next? 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