NEW YORK (TheStreet) -- Chevron Corp. (CVX) - Get Report stock is declining 0.90% to $93.83 in late morning trading on Tuesday after oil prices weakened as investors remained concerned about the crude oil surplus.
WTI crude is down 3.45% to $38.03 per barrel on the New York Mercantile Exchange, while Brent crude is falling 3.33% to $38.93 per barrel on the Intercontinental Exchange this morning.
"There is a rebalancing on the way, but we are still running a surplus and stocks are building up as far as we can see," Bjarne Schieldrop, a SEB commodities analyst, told Reuters. "Long positioning in Brent is at record highs and vulnerable for a bearish repositioning."
OPEC, Russia and other producers plan to discuss freezing production to support higher prices in a meeting on April 17, but investors are skeptical that the meeting will results in a significant outcome, Reuters reports.
San Ramon, CA-based Chevron is an energy company that produces, transports and processes oil and natural gas.
The company's stock was highlighted at the "preferred mega-cap" oil stock at Deutsche Bank earlier today because of Chevron's "high crude leverage, multi-year growth, and a high quality portfolio backlog," analysts noted, according to Barron's.
Separately, Chevron has a "hold" rating and a letter grade of C at TheStreet Ratings because of the company's strengths, such as reasonable valuation levels and largely solid financial position with reasonable debt levels by most measures, and its weaknesses, including feeble earnings per share growth, deteriorating net income and poor profit margins.
You can view the full analysis from the report here: CVX
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