Chevron: Don’t Expect The Pain To Be Over Yet


  • Late January CVX bulls were disappointed as the post-earnings selloff continued on.
  • Dip-buyers need to be wary about further earnings declines through 2024.
  • Chevron’s operating performance may deteriorate as the underlying oil futures market weakens.
  • A period of correction and consolidation is likely necessary to eradicate frothy optimism.

Chevron Posts Near Record Profits, Exceeding Market Expectations

Mario Tama/Getty Images News

Chevron Corporation (NYSE:CVX) investors are faced with a critical decision after its post-earnings selloff persisted last week.

CVX was rejected at its November highs despite Chevron’s record $75B stock repurchase commitment. As a result, while CVX remains

CVX price chart (weekly)

CVX price chart (weekly) (TradingView)

Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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