Why Chevron Stock Slumped Nearly 17% in 2023
Shares of Chevron (NYSE: CVX) slumped 16.9% in 2023, according to data provided by S&P Global Market Intelligence. That vastly underperformed the broader market, with the S 500 gaining 24% last year.
A few issues weighed on the oil stock last year. Falling oil prices were the most notable issue, impacting its earnings and cash flow. On top of that, Chevron went on an acquisition spree, which added some integration risk.
Crude oil prices cooled off in 2023. Brent, the primary global oil price benchmark, fell 10.3% for the year, closing at $77.04 per barrel. That was the first down year for oil since 2020.
Source Fool.com
Chevron Corp. Stock
€161.36
-1.860%
With 47 Buy predictions and 1 Sell predictions Chevron Corp. is one of the favorites of our community.
With a target price of 175 € there is a slightly positive potential of 8.45% for Chevron Corp. compared to the current price of 161.36 €.
