Chevron Corporation (NYSE: CVX) shares fell in early trading today on lower trade volume than normal after a number of analysts weighed in on the investing value of the stock and reiterated thier respective ratings.
U.S. stocks flipped between small losses and gains early Tuesday morning as investors maintained a cautious stance following a sharp postelection rally.
The S&P 500 index SPX, -0.04% was off by about 1 point, or less than 0.1%, at 2,267, with seven of the 11 main sectors trading lower. The Dow Jones Industrial Average DJIA, -0.13% was off 33 points, or 0.2%, to 19,853.
Meanwhile, the Nasdaq Composite Index COMP, +0.05% traded in record territory, after closing at an all-time high for the second session in a row on Monday.
Analysts at HSBC reiterated a Hold rating on shares of Chevron Corporation (NYSE: CVX) in a reserach note to investors, making it one of the more closely watched stocks on Wall Street. With a rating of Hold on the stock, the company has a 52-week high of $119.00. The one-year price target of $121.46 is higher than the opening price of $115.56, causing a fair amount of other analysts to comment on the company recently. Typically, after analysts publish a “reiterated rating” report on a stock, they will later issue other revisions, often followed by a price target change.
Shares of Chevron Corporation (NYSE: CVX) opened at $115.56 yesterday trading between $115.10 and $115.57, and last traded at $115.19, a decrease of $0.65 compared to the previous closing price.
Chevron Corporation (NYSE: CVX) currently has a market cap of 217.45B.
Chevron Corporation (NYSE: CVX) Average Daily Trading Volume
The stock’s average daily volume is 7,108,340 shares out of a total float 1,887,089,000 and some 564,428 shares traded hands yesterday, 104 percent below the average. lower than normal. Look for trading volume to pick up in the coming days as investors often use swings 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 is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These professional investors retain teams of analysts researching thousands of stocks. So watching their interests is a good way to make sure 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 spotting trends, moving averages allow traders 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 $115.32 and 200-day MA of $105.79. It has traded in a 52-week range between $75.33 – 119.00 and today’s last price is 3.20%% lower than the 52 week high of $119.00.
Earnings growth is a critical factor to research when buying stocks and investors seek companies that have increased their earnings by at least 25% over the past 3 years.
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