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
€147.62
0.190%
The stock is an absolute favorite of our community with 26 Buy predictions and no Sell predictions.
As a result the target price of 179 € shows a positive potential of 21.26% compared to the current price of 147.62 € for Chevron Corp..
