Why Chevron Stock Popped -- Then Dropped -- Today
Shares of oil major Chevron (NYSE: CVX) got an early lift on Monday after two analysts (Cowen and Wells Fargo) raised price targets on the stock (to $185 and $199 a share, respectively), and only one analyst (J.P. Morgan) lowered targets -- to $143 a share.
Up until just about noon ET, Chevron stock was rising on the news, gaining as much as 2% -- but then the bad news arrived: President Joe Biden may impose a "windfall profits" tax on oil companies. And as of 1:05 p.m. ET, Chevron stock's gains have been cut to just 0.5%.
As the Associated Press reports, the White House is concerned about "major oil companies making record-setting profits even as they refuse to help lower prices at the pump for the American people." This jibes with a tweet from POTUS over the weekend, in which the president took aim at the oil companies' "billions in profits."
Source Fool.com
