Chevron (CVX) Offering Possible 55.28% Return Over the Next 22 Calendar Days

Chevron's most recent trend suggests a bearish bias. One trading opportunity on Chevron is a Bear Call Spread using a strike $92.00 short call and a strike $97.00 long call offers a potential 55.28% return on risk over the next 22 calendar days. Maximum profit would be generated if the Bear Call Spread were to expire worthless, which would occur if the stock were below $92.00 by expiration. The full premium credit of $1.78 would be kept by the premium seller. The risk of $3.22 would be incurred if the stock rose above the $97.00 long call strike price.

The 5-day moving average is moving down which suggests that the short-term momentum for Chevron is bearish and the probability of a decline in share price is higher if the stock starts trending.

The 20-day moving average is moving down which suggests that the medium-term momentum for Chevron is bearish.

The RSI indicator is at 41.55 level which suggests that the stock is neither overbought nor oversold at this time.

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LATEST NEWS for Chevron

For first time ever, majority of shareholders push oil giant Chevron to align with Paris climate pact
Wed, 24 Jun 2020 00:17:00 +0000
Proposals by the Climate Action 100+ investor signatories calling on major oil and electric power companies, including Chevron and rivals, to disclose lobbying activities and improve governance on climate change earned record support during the latest shareholder proxy season.

Chevron (CVX) Stock Sinks As Market Gains: What You Should Know
Tue, 23 Jun 2020 21:45:09 +0000
In the latest trading session, Chevron (CVX) closed at $91.44, marking a -0.16% move from the previous day.

Top Energy Stocks for July 2020
Tue, 23 Jun 2020 16:03:06 +0000
The energy sector is comprised of companies focused on the exploration, production, and marketing of oil, gas, and renewable resources around the world. Popular energy sector stocks include upstream companies that are primarily engaged in the exploration of oil or gas reserves. Well-known companies in the sector are Occidental Petroleum Corp. (OXY) and Diamondback Energy Inc. (FANG).

Australia’s Biggest LNG Project Faces an Ownership Shake-Up
Tue, 23 Jun 2020 05:03:17 +0000
(Bloomberg) — After more than three decades, the project that kick-started Australia’s push to become a liquefied natural gas powerhouse faces a shakeup.Woodside Petroleum Ltd. on Tuesday reiterated that it would consider buying Chevron Corp.’s stake in North West Shelf and indicated that other joint venture partners could be looking to exit. That may mark the end of a delicate balance at Australia’s biggest LNG project, where six international partners have equal stakes, as the plant needs to find new gas supplies to keep on humming.As operator Woodside is viewed by many in the industry as the logical buyer for Chevron’s stake. The U.S. oil major announced last week it would start a formal marketing process after receiving unsolicited approaches from potential buyers, though the other five stakeholders have pre-emptive rights.“This has been the jewel in Woodside’s crown for a long period of time, so you don’t want your neighbors to put up the ‘For Sale’ sign and then get the wrong people move in next door,” Chief Executive Officer Peter Coleman, said at a Credit Suisse Group AG energy conference Tuesday. “We have a right, we’ll look at it. Whether we participate or not is really going to depend on price.”The stake could be worth as much as $3.7 billion, according to Saul Kavonic, a resources analyst at Credit Suisse. Chevron said that the time was right to consider a sale as NWS moves to becoming a third-party tolling facility.That transition means the asset is more likely to appeal to infrastructure investors rather than oil and gas industry players, Coleman said. Plenty of “tire-kickers” were likely to show interest, but he expected Chevron to be selective in who it invites into the data room.First In Queue“Maybe Chevron formed the view that there were other joint venturers that were starting to position themselves to sell assets globally, of which North West Shelf may have been one of those,” Coleman said when asked about the U.S. company’s motivation. “Maybe they formed the view that they would rather be the first in the queue, rather than follow someone else.”A Chevron spokesman declined to comment on Coleman’s statement. The other participants in NWS are BP Plc, Royal Dutch Shell Plc, BHP Group and Japan Australia LNG.“It increasingly appears Woodside may double down on its existing footprint alongside new partners, and take advantage of majors’ exits to become the ‘basin master’ in the region,” Kavonic said in an email.North West Shelf, which has loaded more than 5,000 LNG cargoes since 1989, has been considering options to sustain output as its foundational gas fields begin to run dry. Woodside wants gas from its Browse project to feed into NWS, but has struggled to get the partners to align on that strategy.Chevron has been seen as an obstacle to Woodside’s plans because, unlike most of the other NWS partners, it has no stake in Browse and has competing gas resources in the region that could also use the infrastructure.Senegal DelaysSeparately, Coleman played down a report that Senegal had been forced to delay its first oil and gas projects by as much as two years due to coronavirus. The timetable for the Woodside-operated Sangomar development was only likely to be pushed back by a few months, he said. The company approved the first phase in January and is targeting first oil in early 2023.Still, delays to the group’s major projects meant Woodside’s long-term production growth target of more than 6% was likely now unachievable, RBC Capital Markets analyst Gordon Ramsay said in a note.Read: Australia LNG Stalwarts Delay Flagship Projects on Virus Hit“We see Woodside’s medium- to long-term growth outlook as challenged, considering an outlook of project delays, a relatively weak LNG, oil and broader market environment and ever-decreasing oil-indexed LNG contractual slopes,” Ramsay said.Woodside shares were down 0.5% at A$21.97 at 2:38 p.m. Sydney time. They have fallen about 36% this year amid a broad decline in oil and gas prices.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

Woodside aims to play decisive role in sale of Chevron Australian LNG stake
Tue, 23 Jun 2020 04:42:15 +0000
Woodside Petroleum's Chief Executive Peter Coleman said the Australian firm aims to play a decisive role in Chevron Corp's plan to sell a stake in the North West Shelf (NWS) project, operated and co-owned by Woodside. Chevron last week put its one-sixth stake up for sale in Australia's oldest and biggest liquefied natural gas (LNG) project. Woodside has a pre-emptive right to match any offer for a stake in what Coleman called his firm's crown jewel.

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