Chevron Corporation (CVX) has been a popular focus for investors in recent months. In April, it topped Tesla as the most-shorted stock, according to Hazeltree, and moved into the top-shorted spot later. Shorts usually indicate a bearish expectation, however, this can trigger a short squeeze yielding positive movements. The oil company also ended its North Sea operations after 55 years in advance of a deal with Hess Corporation (HES). Advised by a proxy, Hess investors abstained from voting for the Chevron takeover, a $53 billion merger currently scrutinized by Senate Majority Leader Chuck Schumer. CVX’s shares fell due to insider selling, and the company laid off between 20-30% of its Australian workforce. Regardless, with 67% of shares owned by institutional investors, some analysts remain bullish. Recently, target prices reached as high as $205, indicating a possible 27% upside. Chevron also announced plans to fund two low-carbon projects in Australia, showing commitments to reorganization and climate plans. As Q1 2024 earnings approach, and despite concerns of lower refining margins and natural gas prices, some see Chevron's potential to surprise the market in terms of EPS growth.
Chevron Corporation CVX News Analytics from Tue, 12 Dec 2023 21:03:23 GMT to Thu, 16 May 2024 19:38:55 GMT -
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