Chevron shares gain the most in 1 1/2 weeks on Friday, first-quarter earnings top estimates as crude prices rise

Chevron Corporations (CVX) first-quarter earnings, reported on Friday, outstripped Wall Street estimates, since rising crude prices as well as growing production lent support.

Chevron shares closed higher for a third consecutive trading session on Friday. It has also been the sharpest daily surge since April 18th. The stock went up 1.93% ($2.40) to $126.62, after touching an intraday high at $127.01, or a price level not seen since January 30th ($128.01).

In the week ended on April 29th the shares of the oil major added 3.52% to their market value compared to a week ago, which marked a fifth consecutive period of gains.

The stock has extended its advance to 11.03% 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.

Chevrons net income was reported to have surged to $3.64 billion ($1.90 per share) during the latest quarter from $2.68 billion ($1.41 per share) in the year-ago three-month period. In comparison, analysts on average had anticipated earnings of $1.48 per share.

Net income from oil and natural gas pumping operations more than doubled to $3.35 billion during the quarter. At the same time, oil production increased 7% to a daily rate of 2.9 million barrels of oil equivalent, as the largest increase in activity was observed in the United States.

“Our cash flow continues to increase with the powerful combination of expanding upstream margins and volumes”, Chevrons Chief Executive Officer Mike Wirth was quoted as saying by Reuters.

On the other hand, net income from refining and chemical operations shrank 21% to $728 million during the first quarter, pressured by thin margins.

According to CNN Money, the 23 analysts, offering 12-month forecasts regarding Chevron Corp’s stock price, have a median target of $135.00, with a high estimate of $160.00 and a low estimate of $120.00. The median estimate is a 6.62% surge compared to the closing price of $126.62 on April 27th.

The same media also reported that 18 out of 26 surveyed investment analysts had rated Chevron Corp’s stock as “Buy”, while 8 – as “Hold”.

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 – $126.82
R2 – $127.03
R3 (Range Resistance – Sell) – $127.23
R4 (Long Breakout) – $127.84
R5 (Breakout Target 1) – $128.55
R6 (Breakout Target 2) – $128.86

S1 – $126.42
S2 – $126.21
S3 (Range Support – Buy) – $126.01
S4 (Short Breakout) – $125.40
S5 (Breakout Target 1) – $124.69
S6 (Breakout Target 2) – $124.38

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

Central Pivot Point – $124.92
R1 – $128.71
R2 – $130.79
R3 – $134.58
R4 – $138.36

S1 – $122.84
S2 – $119.05
S3 – $116.97
S4 – $114.88