Chevron Corporation (NYSE: CVX) shares rose in value Wednesday Jan 4 with lower trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Meanwhile, U.S. stocks opened higher on Wednesday as banking stocks led the Dow Jones Industrial Average closer to the 20,000 milestone.
The Dow DJIA, +0.18% gained 25 points, or 0.1%, to 19,906. The S&P 500 SPX, +0.36% climbed four points, or 0.2%, to 2,262. The Nasdaq Composite Index COMP, +0.50% added 13 points, or 0.3%, to 5,447.
Analysts at Bank of America Corporation upgraded shares of Chevron Corporation (NYSE: CVX) from Neutral to Buy today. The company currently has a rating of Buy on the stock. The one-year price target of $119.65 is higher than the opening price of $118.41, causing a fair amount of other analysts to report on the company in recent days. Looking back over the last year, Chevron Corporation stock has a high of $119.00. Share prices sometimes get a jump to the upside when analysts upgrade a stock.
Chevron Corporation (NYSE: CVX) shares last traded at $118.54, a jump of $0.69 or 0.01 over the previous closing price. Opening at $118.41, they varied from $118.24 and $118.65 throughout the day.
Chevron Corporation (NYSE: CVX) currently has a market cap of 223.78B.
Chevron Corporation (NYSE: CVX) Average Daily Trading Volume
The stock’s average daily volume is 7,081,040 shares out of a total float 1,887,089,000 and some 1,099,366 shares crossed the trading desk yesterday, below normal. lower than normal. Look for trading volume to pick up in the coming days as swing traders often use increases in trading volume to identify heavy volume accumulation or distribution by institutional investors.
However, a single day of heavy buy side trading is not enough to assert a trend. As such, market traders will continue to watch for institutional sponsorship as a signal that financial institutions are moving forward.
Institutional sponsorship commonly refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These professional investors have teams of analysts researching thousands of stocks. Thus, watching their interests is a good way to ensure you are buying the right stocks.
Chevron Corporation (NYSE: CVX) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By identifying trends, moving averages allow investors to make those trends work in their favor and increase the number of winning trades.
With that in mind, Chevron Corporation (NYSE: CVX) now has a 50-day MA of $114.32 and 200-day MA of $105.39. It has traded in a 52-week range between $75.33 – 119.00 and today’s last price is 0.00% lower than the 52 week high of $119.00.
Indeed, earnings growth is among the most important things to look at in regards to stock investing and, accordingly, investors look for companies that have grown their earnings at least 25% or more over 3 consecutive years.
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