In less than a year,
Chevron
has gone from being Wall Street’s favorite Big Energy company to a show-me story. Investors who buy the stock now should end up liking what they see.
Chevron stock (ticker: CVX) has fallen 17% in 2023, making it the worst performer by far among the half-dozen global super majors this year.
Exxon Mobil
(XOM), by comparison, is down just 2% this year, and the
Energy Select Sector SPDR
exchange-traded fund (XLE) is about flat.
Most of the drop has come during the past few weeks after a disappointing earnings report that included news of a surprise delay in the development of a key oil field in Kazakhstan, while Chevron’s $60 billion deal to buy
Hess
(HES), an independent energy producer, not only failed to excite investors but was seen as a sign of weakness by some.
No results found
Read the full article here
