Why Chevron Stock Slumped 12.3% in the First Half of 2023
Shares of Chevron (NYSE: CVX) declined by 12.3% during the first half of 2023, according to data provided by S&P Global Market Intelligence. That significantly underperformed the S 500, which rallied 15.9%.
Lower oil prices are the primary issue weighing on the oil stock this year. That offset what has been a solid start to the year for Chevron.
Oil prices continued to cool off this year. Brent crude oil, the global benchmark price, declined by more than 10% during the first half of the year, including 6.1% in the second quarter. That marked four straight quarterly declines for oil prices since peaking in the triple digits last summer. Brent ended the first half below $75 per barrel.
Source Fool.com
Chevron Corp. Stock
€145.06
-0.220%
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 23.4% compared to the current price of 145.06 € for Chevron Corp..
