On July 13, Chevron rose 3.04% in regular trading, trading at $181.785/share, with turnover of $671 million. The stock gained alongside the broader integrated oil sector as geopolitical tensions between the US and Iran continued to support crude prices.
On the news front, the US revoked a general license authorizing Iranian oil sales and restored sanctions on Iranian petroleum, with President Trump declaring the US-Iran memorandum of understanding terminated at the NATO summit. Officials characterized the measures as punitive action, raising concerns over global oil supply disruptions. The entire energy sector rallied, with Exxon Mobil up 4.17%, BP up 4.09%, Occidental up 3.25%, and Petrobras up 3.12%.
Additionally, UBS noted that Chevron is poised to post Q2 earnings above Wall Street expectations on stronger crude prices and improved refining margins, ahead of its July 31 earnings report. RBC Capital Markets maintained an outperform rating, citing declining capital intensity and emerging free cash flow harvest mode from Permian and Kazakhstan projects.
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