Energy Stocks Look Cheap if Oil Prices Are an Indicator [Yahoo! Finance News]
Chevron Corporation (CVX)
Last chevron corporation earnings: 5/1 06:45 am
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Source: Yahoo! Finance News
A Chevron customer looks under the hood of his car at a Chevron service stationJustin Sullivan/Getty ImagesText sizeThe price of oilThe price of WTI Crude oil is up about 45% year-to-date as reopenings and trillions of dollars of fiscal stimulus have jolted economic demand. stocks have also performed handsomely. The Select Sector SPDR FundExxon MobilS&P 500But stock gains forenergy companiesThe bank’s data show a tight correlation between the price of crude oil and the outperformance of energy stocks, dating back to 1995. Recently, the two have become decorrelated. Now, “the [energy] stocks look underpriced given the rebound in crude,” writes Tobias Levkovich, chief U.S. equity strategist at Citigroup.Others on Wall Street have also noted the fairly cheap price of energy stocks. Strategists at Truist recently wrote that energy stocks have been in an “oversold” condition. Just a week ago,none of the S&P 500 energy stocks were trading above their 50-day moving averagesOn the flip side,
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News
- Exxon Disappoints on Non-Cash Charges Despite Guyana Boost [BNN Bloomberg (Canada)]BNN Bloomberg
- Chevron Exceeds Estimates on Oil-Output Gains Amid $80 Crude [Financial Post (Toronto, Ontario, Canada)]Financial Post
- Chevron beats earnings estimates but profit falls on lower refining margins and natural gas prices [MSNBC.com]MSNBC.com
- Chevron Reports First Quarter 2024 ResultsBusiness Wire
- Oil Heads for Weekly Advance Ahead of Critical US Inflation Data [Financial Post (Toronto, Ontario, Canada)]Financial Post
CVX
Earnings
- 4/26/24 - Beat
CVX
Sec Filings
- 4/26/24 - Form 8-K
- 4/25/24 - Form 144
- 4/24/24 - Form S-4/A
- CVX's page on the SEC website