Chevron Stock Brushes Off Quarterly Earnings, Revenue Win

The blue chip also said it will triple its share buyback program to $30 billion

Digital Content Manager

Apr 29, 2022 at 10:24 AM

Chevron Corporation (NYSE:CVX) is down 0.9% to trade at $160.40 at last check, brushing off a first-quarter earnings and revenue win. The oil name's quarterly profits nearly quadrupled to their highest level in 10 years, as oil and gas prices jumped amid the Russia-Ukraine war. Still, Jefferies called the report the quarter's "most underwhelming set of numbers" so far. The blue-chip company also said it will triple its share buyback program to $30 billion.

The 60-day moving average was able to contain the security's pullback from last week's attempt to conquer a March 10, record high of $174.75. While a new ceiling appears to be forming at the $154, Chevron stock still boasts an impressive 49.8% year-over-year lead.

Though long calls have been outpacing long puts overall, the latter have been picked up at a much quicker-than-usual pace lately. Back at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), CVX's 50-day put/call volume ratio of 0.66 stands higher than 98% of readings from the last 12 months.

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