Why Chevron, Devon Energy, and Cheniere Fell Today
Oil and natural gas large caps Chevron (NYSE: CVX), Devon Energy (NYSE: DVN), and Cheniere (NYSEMKT: LNG) all fell Friday, trading down by 2.5%, 3.6%, and 2.1%, respectively, as of 2:54 p.m. ET.
Friday was Devon Energy's ex-dividend date, and some traders often sell once they qualify for their quarterly payments. However, the across-the-sector selling pointed to broader factors affecting the entire oil and natural gas space.
It appears that a combination of factors is contributing to Friday's declines for these stocks, all of which were big winners overall in 2022. Among those factors are recession fears, the recent declines in oil prices, concerns about lockdowns in China, and the relatively benign implementation of a cap on the price of Russian crude oil.
Source Fool.com
