Why Chevron Stock Slumped Today
(NYSE: CVX) was one of a clutch of global oil companies whose stocks took a notable hit on the first trading day of the week. Chevron is always susceptible to changes in the price of its chosen commodity, and, sure enough, an erosion in that price, which began over the weekend, led many investors to sell out of the stock. It declined by nearly 3% on Monday.
At this point, it'll come as a surprise to very few people that the oil price decline resulted from the latest developments in the U.S. war with Iran. After several days of reciprocal, often intense, military action, both sides pulled back from the fighting. President Trump said that the U.S. was providing scope for renewed discussions aimed at easing the conflict.
Image source: Getty Images.
Source Fool.com
Chevron Corp. Stock
The stock is one of the favorites of our community with 49 Buy predictions and 1 Sell predictions.
As a result the target price of 175 € shows a slightly positive potential of 4.82% compared to the current price of 166.96 € for Chevron Corp..
