Chevron (CVX) Post-Earnings Analysis:
Energy stocks were expected to head higher as the war in The Middle East intensified, but that’s far from the case from oil giants like Chevron and Exxon. Shares of both companies have been selling off and even their strong earnings report didn’t help, especially for Chevron. The company is down more than 5% after earnings as traders react to the earnings miss. Revenue came in line, but EPS fell short, coming in at $3.05 per share vs. $3.70 expectations. One major reason oil companies have not been moving higher in 2023 despite the high energy prices could be that Wall Street sees they’ve “maxed out” their potential and will report flat or modest earnings in the coming quarters. Chevron’s earnings drop could be the start of profit taking for Wall Street and it will take it further down if it doesn’t recovery quickly. Next support available is 140.00.