Up 50% in This Bear Market, Is Chevron Still a Winner?
Most stocks tumbled last year. The S&P 500 hit its 2022 pinnacle on Jan. 3 and proceeded to plunge into a brutal bear market, ending the year down 20%.
Chevron (NYSE: CVX) stock, however, went in the opposite direction. Shares of the oil giant surged 50.5% from that market peak to the end of the year, according to data provided by S&P Global Market Intelligence. While higher oil prices helped fuel that rally, it wasn't Chevron's only catalyst. Here's a look at whether the oil stock has the power to continue producing winning returns in 2023.
Chevron feasted on higher oil and gas prices last year. The energy giant posted a record profit of $11.6 billion in the second quarter. It followed that up with its second-best earnings in the third quarter, at $11.2 billion. The company also posted record operating cash flow of $15.3 billion in the third quarter.
Source Fool.com
