Chevron stock has successfully jumped over the stocks of its rival companies. It has happened for the first time during the Wednesday in a week that the market of Chevron has fruitfully taken over the Exxon Mobil market. A smaller oil and gas producer company Noble Producer closed on an all-stock deal of $4.1 billion. At the day end, there was a difference of $ 0.35 billion since Exxon Mobil’s market value was $141.65 billion and Chevron’s value was $142 billion. Lucratively closing up at the rate of 2.047% (Exxon rising over by merely 0.3%) this Wednesday, Chevron has emerged out as a wholesome success by taking over Exxon Mobil to become the biggest oil stock in the American stock market.
Chevron’s stock market has recently shown quite an improvement as it has surpassed even its rival companies. Due to the ongoing Coronavirus pandemic, there has been a major drop in the prices of oil and gas. Owing to this change, Chevron has switched from the expensive oil projects and has cut down its costs.
Let’s have a look at the current statistical analysis of Chevron Stock:
- 52 Week Range: 51.60- 122.94
- Average Volume: 10,062,913
- Market Capital: 137.769B
After signing up this deal with Noble Energy, Chevron has got 2,200 more workers which serve as a huge rise to its existing 45,000 workers. This company is swiftly moving towards progress by overpowering the other top companies. The shares of this company were not showing any rise from the past three years but now the situation has become better.
The year has been hard and tough for Chevron but the current situation has shown a better and progressive path. Currently, its victory over the Exxon stock has brought it into the major headlines. Their decision of cutting down the costs has worked out well and here are the results.
Chevron’s comeback might bring back investors to think about putting their money in oil stocks once again. Covid-19 pandemic brought huge losses to the oil and gas industry and the investors almost stopped investing in this sector but the cards are turning favorably well right now.
The analysts, however, still predict that the company might experience more share downfalls during the upcoming times. The loss is accountable because the Earnings per Share (EPS) have shown a drastic fall over recent years.
Another major decision taken is that Chevron is that it has decided to lessen its workforce by 15%. It recently expanded the number of employees at the time of the Noble Energy deal. The employees have been made familiar with this decision of the company prior. All this is being done to bring the company’s profits back on track. Chevron has been in great loss and now it is working towards a revival. The workers who have not been given the new assignments will be losing their jobs and have already been told to reapply. Overall, the current week has been a fair week for this company.