Chevron shares gain for a third straight session on Wednesday, company’s new CEO receives 20% pay raise

According to a statement by Chevron Corporation (CVX) earlier this week, the salary of Mike Wirth, the oil majors new Chief Executive Officer, who assumed the top role two months ago, has been raised by 20% to $1.5 million.

Chevron shares closed higher for a third consecutive trading session on Wednesday. The stock edged up 0.34% ($0.40) to $119.25, with the intraday high and the intraday low being at $119.38 and $117.75 respectively.

In the week ended on April 8th the shares of the oil major added 0.63% to their market value compared to a week ago, which marked a second consecutive period of gains.

The stock has extended its advance to 4.54% so far during the current month, following a 1.89% surge in March. The latter has been the fourth gain out of five months.

For the entire past year, Chevron shares rose 6.36% following another 30.84% surge in 2016.

Having served as Chevrons vice chairman previously, Mike Wirth will also receive stock awards and other compensation in 2018, having a potential value of over $15 million.

Last year Wirth was paid as much as $11.7 million compared to $6.5 million he received as overall compensation for 2016.

According to Reuters, last year the company also paid almost $350 000 for security enhancement at Wirth’s home and another $16 000 for a medical checkup and related expenses.

Meanwhile, outgoing Chief Executive John Watson received as much as $24.8 million in overall compensation during the past year, or almost 1% more in comparison with 2016. The figure was also 180 times larger compared to the median annual compensation of $137 849 for all Chevron Corp’s employees – 52 953 people.

According to CNN Money, the 22 analysts, offering 12-month forecasts regarding Chevron Corp’s stock price, have a median target of $132.00, with a high estimate of $160.00 and a low estimate of $106.00. The median estimate is a 10.69% surge compared to the closing price of $119.25 on April 11th.

The same media also reported that 13 out of 25 surveyed investment analysts had rated Chevron Corp’s stock as “Buy”, while 11 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the Chevron stock are presented as follows:

R1 – $119.40
R2 – $119.55
R3 (Range Resistance – Sell) – $119.70
R4 (Long Breakout) – $120.15
R5 (Breakout Target 1) – $120.67
R6 (Breakout Target 2) – $120.90

S1 – $119.10
S2 – $118.95
S3 (Range Support – Buy) – $118.80
S4 (Short Breakout) – $118.35
S5 (Breakout Target 1) – $117.83
S6 (Breakout Target 2) – $117.60

By using the traditional method of calculation, the weekly levels of importance for Chevron Corporation (CVX) are presented as follows:

Central Pivot Point – $114.40
R1 – $118.25
R2 – $121.75
R3 – $125.60
R4 – $129.46

S1 – $110.90
S2 – $107.05
S3 – $103.55
S4 – $100.06