Chevron and Exxon Mobil shares are higher after their respective reports
Chevron Corp (NYSE:CVX) and Exxon Mobil Corp (NYSE:XOM) just had their turn in the earnings confessional. Both energy names beat analysts' third-quarter earnings and revenue estimates, with the former returning over $7 billion to its shareholders through buybacks and dividends, while the latter had its highest production level in about four decades.
CVX was last seen up 3.9% to trade at $154.65, and earlier surged to its highest level since early August. The shares just bounced off a familiar floor at $148 to blast through overhead pressure at $152. Though it's today pacing for its best single-day percentage gain since January 2024, the stock sports a slim 4% year-to-date lead.
Drilling down to today's options activity, CVX has seen 18,000 calls exchanged so far, which is four times the intraday average volume. The weekly 11/1 157.50-strike is the most active, where new positions are being opened. It's worth noting these contracts expire at the close.
XOM is up 1% at $117.92 at last check, looking to add to its 17.7% lead for 2024. The shares had been pulling back from their Oct. 7, record high of $126.34, but their 80-day moving average contained those losses. The security is fresh off a third-straight monthly loss and eyeing its fourth consecutive weekly drop, though.
Calls have been more popular than usual the last 10 weeks. This is per XOM's 50-day call/put volume ratio of 2.39 over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which sits higher than 76% of readings from the past year.