U.S. Markets closed

Here's Why Chevron (CVX) Stock is Down Today

Parth Panchal

Energy giant Chevron CVX is trading down 1.65% to $106.22 as of 3:04 PM EST due to a road bump in production.

Company spokesman of Chevron announced on Monday that the company has temporarily suspended production at their Gorgon Train Two line in Australia. This has paused production of LNG (liquefied natural gas).

The spokesman stated, “"Production at Gorgon Train 2 is being temporarily suspended for a planned turnaround to enhance the train's reliability in alignment with previously arranged strategies.” He did not add when the production line will be restarted.

This is not the first time this plant was shut down. Since its opening in October, Chevron’s Gorgon Train Two production line has been halted several times from producing gas. With the last shutdown being in late February, production was able to start back up just days later.  

The spokesman added that the rest of the plant has continued to steadily produce. Also, the turnaround which is causing the suspension is supposed to improve capacity and increase reliability of a key flow measuring device on the train.

Zacks' Top 10 Stocks for 2017

In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2017?

Who wouldn't? Last year's market-beating Top 10 portfolio produced 5 double-digit winners. For example, oil and natural gas giant Pioneer Natural Resources and First Republic Bank racked up stellar gains of +44.9% and +44.3% respectively. Now a brand-new list for 2017 has been hand-picked from 4,400 companies covered by the Zacks Rank. See the 2017 Top 10 right now>>
 


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
Chevron Corporation (CVX): Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research