Chevron (CVX) Stock Higher as JOVO Subsidiary Announces Partnership

Chevron (CVX) stock is rising in after-hours trading on Wednesday after the company announced a partnership with the Chinese energy company JOVO.
By Annie Palmer ,

NEW YORK (TheStreet) -- Shares of Chevron (CVX) - Get Report are advancing by 0.01% to $105.60 in after-hours trading on Wednesday, after the company announced a partnership with JOVO subsidiary Singapore Carbon Hydrogen Energy Pte

The San Ramon, CA-based energy provider will supply up to 0.5 million metric tons per annum of liquefied natural gas to Chinese energy company JOVO, the company said in a statement. The delivery will take place over five years and will start in 2018.

"We are positioned to become one of the top 10 LNG suppliers in the world," Chevron Midstream and Development Executive Vice-President Mike Wirth said in a statement.

Additionally, oil prices increased today on data from the U.S. Energy Information Administration demonstrating that the U.S. crude oil stockpile has decreased for the ninth week in a row. 

Chevron is expected to post its fiscal 2016 second quarter earnings next Friday after markets close. 

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

We rate CHEVRON CORP as a Hold with a ratings score of C. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and poor profit margins.

You can view the full analysis from the report here: CVX

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