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Chevron's Refining Business Marks 1st Loss in 4 Years

Options traders were already bearish ahead of today's event

Deputy Editor
Jan 31, 2025 at 9:20 AM
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The shares of blue-chip energy concern Chevron Corp (NYSE:CVX) are down 1.3% in premarket trading after the company missed fourth-quarter earnings estimates. Weakness in its refining business drove the decline, with its first loss in four years. However, revenue surpassed expectations with ease.

Coming into today, CVX boasts modest leads on a year-to-date and year-over-year basis, up 7.9% and 6%, respectively. The equity is on track for a monthly win, but is now poised to turn in a loss for the week. Set to open near $154.25, Chevron stock could slip below key support at $155, though support at its 80-day moving average may limit further downside.

Analysts could feel compelled to adjust their outlooks. Of the 22 brokerages covering CVX, 17 rate it a "buy" or better. The stock’s average 12-month price target of $176.43 represents a 12.9% premium to yesterday's close, leaving plenty of room for downgrades and/or price-target cuts.

Meanwhile, options traders are showing heightened bearish sentiment. Chevron stock’s 50-day put/call volume ratio over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks in the 100th percentile of the past year.

 

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