Chevron Corp. (NYSE: CVX) shares rose in value Thursday Dec 1 with slower 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 with slight gains on Thursday.
The Dow Jones Industrial Average DJIA, +0.31% rose 38.22 points, or 0.2%, to 19,174, while the S&P 500 SPX, +0.01% added 2.1 points to 2,202, a rise of 0.1%.
The Nasdaq Composite Index COMP, -0.32% rose less than 1 point to 5,323, essentially unchanged on the day.
Analysts at Independent Research GmbH upgraded shares of Chevron Corp. (NYSE: CVX) from Hold to Buy today. The company currently has a rating of Buy on the shares. A number of other analysts have commented on the company recently, and the company has secured a consensus one-year price target of $114.63, higher than the opening price of $112.79, a difference of 10.10 percent. Chevron Corp. stock has a 52-week high of $113.75. Stock prices sometimes get a jump to the upside when analysts upgrade a stock.
Chevron Corp. (NYSE: CVX) shares last traded at $113.49, a jump of $1.93 or 1.73% from the previous closing price. Opening at $112.79, they fluctuated from $112.53 and $113.75 throughout the day.
Chevron Corp. (NYSE: CVX) currently has a market cap of 213.72B.
Chevron Corp. (NYSE: CVX) Average Daily Trading Volume
1,324,049 shares traded hands yesterday, below normal, out of a total float 1,887,089,000. Swing traders often use upticks in trading volume to identify heavy volume accumulation or dissemination by institutional investors, so look for trading volume to pick up in the coming days.
As with all potential breakouts, investors look for volume to be at least 40%-50% greater than normal on the breakout to demonstrate that fund managers and other professional investors are jumping in.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these retain teams of analysts that investigate thousands of stocks. So watching their interests is a good way to ensure you are buying the right stocks.
Chevron Corp. (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 investors to make those trends work in their favor and increase the number of winning trades.
With that in mind, Chevron Corp. (NYSE: CVX) now has a 50-day MA of $105.24 and 200-day MA of $102.78. It has traded in a 52-week range between $75.33 – 113.75 and today’s last price is 0.23%% lower than the 52 week high of $113.75.
Earnings growth is a crucial factor to consider when investing in stocks and investors identify companies that have been successful at growing their earnings at least 25% or more over a 3 year period.
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