Chevron Corp. (CVX)

Chevron Corporation Stock (CVX) dropped by 6.72% from $154.75 to $144.35 in the trading on Friday October 27, 2023. The reason why CVX stock down today is due to its weaker-than-expected quarterly earnings. Chevron's Q3 operating revenue declined 18.3% Y/Y to $52 billion, worse than estimates calling for a 17.9% drop, primarily driven by lower commodity prices. Adjusted earnings of $5.72 billion, or $3.05 per share, down from $5.56 per share in the same year-ago period and well below analysts' consensus estimates for $3.33 per share. Chevron posted a $912 million loss, more than double that of the second quarter, in activities related to cash management, debt financing, insurance, real estate, and technology. Negative currency effects accounted for the wider loss in the recently completed quarter.

Chevron Corporation Stock (CVX) dropped by 3.69% from $166.83 to $160.68 in the trading on Monday October 23, 2023. The reason why CVX stock down today is due to the risks of Hess purchase plan. Investors are getting nervous about the consequences that come with this big-ticket mergers and acquisitions. Terms of the deal call for Chevron to pay 1.025 shares for every Hess share, and to assume about $7 billion in debt. In return, Chevron will gain access to new oil reserves discovered in Guyana, as well as shale assets in North Dakota. The deal will also require Chevron to issue about 317 million shares of its common stock, meaning each existing share will represent a smaller slice of the overall company.