CVX - Chevron Corporation
Chart Events
Price Crosses Moving Average
Performance Outlook
- Short Term2W - 6W
- Mid Term6W - 9M
- Long Term9M+
| Previous Close | 91.70 |
| Open | 90.94 |
| Bid | 91.04 x 800 |
| Ask | 91.06 x 800 |
| Day's Range | 90.11 - 91.55 |
| 52 Week Range | 51.60 - 127.00 |
| Volume | 1,269,060 |
| Avg. Volume | 15,648,258 |
| Market Cap | 170.754B |
| Beta (5Y Monthly) | 1.33 |
| PE Ratio (TTM) | 44.51 |
| EPS (TTM) | 2.06 |
| Earnings Date | Jul 31, 2020 - Aug 04, 2020 |
| Forward Dividend & Yield | 5.16 (5.63%) |
| Ex-Dividend Date | May 18, 2020 |
| 1y Target Est | 90.71 |
Fair Value
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Chevron Corp (CVX) plans to cut 10 to 15% of its worldwide workforce as part of restructuring by the second-largest US oil producer. This represents the biggest headcount cut yet among global oil producers following the Covid-19 pandemic.The company previously disclosed a 30% reduction in its 2020 spending and voluntary job cuts amid this year’s plunge in oil prices and lower demand for oil and gas due to the virus pandemic.Chevron was among the first to make significant budget cuts as oil demand plummeted. The company expects to remove about 10 to 15 per cent of its global staff to “match projected activity levels”, a spokeswoman confirmed.The 4,500 to 6,750 job cuts are to “address current market conditions” with different impacts on each business unit and region. Most reductions will take place this year. Chevron currently has 45,000 non-gas station employees. Chevron also said it would reduce planned US shale output by about 125,000 bpd.US crude oil prices have nearly halved this year to about $33 a barrel as the pandemic hurt travel demand and led to stay-at-home orders. Oil demand has been hit by as much as two million barrels per day.On Wednesday, top US oil producer Exxon Mobil Corp (XOM) said it had not yet taken steps to reduce its workforce, although it has cut its planned spending for the year by 30%.Chevron's cuts will be "across the board but heavy on the corporate functions and the support functions," said CFO Pierre Breber in an interview.Jon Rigby, analyst at UBS, recently downgraded Chevron from Buy to Hold, noting that it had gained some 70% from its March lows. The rally speaks to the "leading reputation for capital discipline and the highly resilient, yet flexible financial model that CVX is running," according to Rigby.Chevron stock fell sharply with the onset of the coronavirus pandemic, but in the last two months has gained back most of its losses. Overall the stock is down 21% for the year and currently trades for $92.Analysts are strongly bullish on the stock. In the last 3 months, out of 16 analyst ratings, 4 have been Holds and 12 have been Buys, for an average analyst price target of $101. This represents 10% upside from Chevron's current stock price over the next 12 months. (See Chevron stock analysis on TipRanks).Related News: Ryanair Cuts Traffic Target By Almost 50% For Coming Year, Seeks To Reduce Boeing Plane Deliveries Uber In Partnership With MoneyGram For Driver Discount During Pandemic Colombian Carrier Avianca Files for Bankruptcy Protection Due to Coronavirus Woes More recent articles from Smarter Analyst: * Eli Lilly’s Taltz Injection Gets FDA Nod For Inflammatory Spine Arthritis Treatment * Eli Lilly Starts Dosing Patients In World’s First Covid-19 Antibody Trial * Drugmaker Abbvie Teams Up With Jacobio To Develop Cancer Inhibitor * Immutep Surges In Pre-Market On Positive Efti Cancer Data
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Exxon Mobil (NYSE:XOM), the world's largest energy producer, hasn't had a great year. Exxon Mobil stock has shed 36.1% of its value since December, and it certainly isn't alone.Source: Shutterstock The novel coronavirus pandemic has wreaked havoc across all markets, but perhaps the most severely affected sector is the oil industry. Plummeting oil prices and oversupply has resulted in a 37% reduction in the Dow Jones Oil & Gas index since December.Exxon continues to pique the interest investors due to the consistent growth in its dividends and its long-term appeal. Unfortunately for Exxon's investors, their dividend and long term perspectives about the XOM stock are likely to take a hit this year.InvestorPlace - Stock Market News, Stock Advice & Trading TipsThe company has already announced that it will be freezing its dividend for the first time in 13 years amidst the market uncertainty. Also, its significant debt load will significantly impact its long term outlook. Recent Performance of Exxon Mobil StockFor the first time in 32 years, Exxon reported a loss of $610 million, or $0.14 per share. Revenues were down 11.7% to the year-ago period and 16.4% for the past quarter. * 7 Red-Hot Vaccine Stocks Racing to Develop a Coronavirus Cure Production volumes rose during the quarter due to its Permian Basin and Guyana Oil resources. However, the increase in the production volumes was partly offset by the lower oil prices and refining margins. Additionally, its depreciation and depletion expenses rose by 28% since the previous quarter.These effects can be partly attributed to the crippling effects of the pandemic, but for the past five years, the company has been on a downward spiral as far as earnings are concerned.Its EPS and revenues peaked in 2011, and in 2012 when we witnessed the highest oil prices of the decade. For the next five years, revenues reduced by a considerable margin after recovering in 2018. However, since then the downward trend continues and it seems that it will carry-on for the foreseeable future.It seems as though, in maintaining its track record of increasing dividends, the company has compromised on its profitability and free cash flows. Therefore, there are several question marks about its growth, profitability, and sustainability of its dividend model. The Dividend Problem Click to EnlargeSource: Muslim Farooque Exxon Mobil has a dividend history that is second to none, which has consistently grown in the past 37 years. However, the company recently announced that it was freezing its dividend for the first time in 13 years.Royal Dutch Shell already announced that it would slash its dividend by 66%, which has investors concerned about the future.Dividend yields in the oil industry have dipped but are still impressive in comparison to other sectors.XOM stock is currently ranked third in terms of its dividend yields in the industry. However, the main question that potential investors need to consider is how much of their dividend is being paid from cheap debt.Financial leverage for Exxon increased by 3% in its latest quarter, after raising an additional $8.5 billion on March 17. It has raised another $9.5 billion on April 13, which represents a total increase of 38% in its debt load since December last year.The majority of this debt is being used to cover its massive dividend payments. This a recipe for disaster considering how every company is looking to preserve its liquidity at this time. Long Term TroublesExxon Mobil is a riskier company than it was a few years ago and been a consistent underperformer. The oil industry is in a rut, and a market pull-back is uncertain at this point. Therefore, there is a lot to contemplate about Exxon's management in these testing times.Perhaps the best place to start is for the company to preserve its financial flexibility. In doing so, CEO Darren Woods announced a 30% reduction in its capital spending and a 15% reduction in operational expenses.Also, Exxon and Chevron Corp. (NYSE:CVX) have announced a collective shut-in of 800,000 barrels per day due to the depressed demand and plunging crude oil prices.However, the company remains adamant about protecting its dividend, but in doing so, it would have to consider massive reductions in capital expenditures and to take up additional debt. This is a risky strategy that might significantly hamper its operational capabilities in the future. Bottom Line on Exxon Mobil StockExxon Mobil finds itself in a precarious position, heading into the second quarter. Analysts expect the loss per share to further drop to $0.62 in the upcoming quarter.It seems that the company is still resolute about its dividend payouts, which continues to add to its debt load. Additionally, it's sacrificing its capital spending, which is a crucial element for success in the industry. 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The swinging supply cuts forced on OPEC+ members, along with signs of congestion resuming in Chinese cities especially, helped drag oil back into the $30s this month.But the underlying dynamics haven’t changed altogether. Russia has implemented big cuts but is reportedly keen to start unwinding these sooner rather than later. As when it broke with OPEC+ in March, Moscow is done ceding market share to U.S. frackers. The latter have cut production very quickly, but their instinct to get rigs and crews back to work remains strong. Holding them in check are low prices, particularly for longer-dated futures, weighed down by the glut of physical oil and spare OPEC+ capacity that’s built up over the past couple of months. Shale does at last seem poised for rationalization. However, supply’s defining characteristics of the past four years — excess inventory and OPEC+ versus shale competition — are for now accentuated rather than altered.Similarly, the International Energy Agency’s latest investment report, which dropped this week, was consumed with Covid-19 yet trod familiar ground. This showed the theme of excess supply extending into refining, where too much capacity was opening even before the pandemic showed up.Above all, that other force of nature confronting energy markets, climate change, pervaded the discussion. If anything, the pandemic is a reminder of why we should be tackling that threat head-on. Covid-19 has both spotlighted the risk and, if stimulus efforts are shaped properly, may catalyze a response. With uncanny timing, at Chevron Corp.’s (virtual) shareholder meeting this week, the only measure where a majority of investors voted against the board concerned aligning the oil major’s lobbying with efforts to address climate change.There is still so much we don’t know about the lasting impacts of Covid-19 or, indeed, the workings of the virus itself. One thing that seems clear, however, is its tendency to magnify pre-existing conditions. For oil, those were excess supply, fraying globalization and a looming climate emergency.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Liam Denning is a Bloomberg Opinion columnist covering energy, mining and commodities. He previously was editor of the Wall Street Journal's Heard on the Street column and wrote for the Financial Times' Lex column. He was also an investment banker.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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