- Chevron Corporation’s actual earnings are less than the expected earnings.
- Chevron Corporation (CVX)’s dividend payout has decreased.
- Chevron Corporation has a share float of 1.88 Billion shares.
Chevron Corp. offers administrative, financial management, and technology support services for energy and chemical operations. The CVX stock price is currently in a downtrend, marked by a series of lower lows and a recent breakdown from a triangle pattern.
The stock has been consistently moving downward, with a negative return of 9.93% in the previous year. This weak performance may deter potential investors from taking positions.
The company pays a timely dividend to its shareholders. Although, the payout has decreased over the years. In 2023, the company paid a dividend of 6.11 whereas in 2022, they paid around 3.16%. This could be a negative factor for investors who are willing to invest for a passive source of income.
CVX reached its peak at $189.68 in November 2022, but since then, the price has been on a decline, falling by nearly 20% by the end of March 2023. However, it found support at $151.32. The recent breakdown from a triangle pattern suggests a negative outlook, indicating the potential for further price declines.
The actual earnings of the company are less than the expected earnings. For the year 2022, the actual earning was $235 Billion and the expected earning was $238 Billion. It marked a 1.7% decline which indicates a weak financial condition inside the company.
Chevron Corporation (CVX) Stock Price Analysis
cvx by writer50_tcr on TradingView.com
Furthermore, the MACD and signal lines both have values below the zero line, resulting in a red histogram on the MACD indicator. This setup indicates the possibility of an upcoming market downturn in the coming days.
Moreover, the RSI line for Chevron Corporation is situated below the SMA line. This configuration is often linked with a bearish sentiment, hinting at a potential price decrease soon.
Conclusion
The CVX company’s stock is currently displaying signs of a downtrend momentum. The price experienced a negative return in the previous year. It has reversed its course after encountering resistance and the indicators also present a bearish outlook for the stock price. Furthermore, the technical indicators’ summary indicates a weak signal. Therefore, it is anticipated that the price will decrease in the days to come.
Technical Levels:
- Support Level – $152.32
- Resistance Level – $169.60
Disclaimer
The views and opinions of the author, or anyone named in this article, are for informational purposes only. They do not offer financial, investment, or other advice. Investing or trading crypto assets involves the risk of financial loss.