CVX - Why Is Chevron (CVX) Stock Up Today?
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Chevron (NYSE:CVX) stock is on the rise Thursday following a new share buyback program and dividend for investors.
That new share buyback program has a total value of $75 billion and will go into effect on April 1, 2023. This has it replacing the prior $25 million program, which will close on march 31, 2023. Also, there’s no set expiration date for this buyback program.
In addition to that, Chevron announced an increased dividend for holders of CVX stock. The dividend is $1.51 per share, which is a 9-cent increase over the prior quarterly dividend. It’s payable on March 10, 2023, to shareholders on record as of Feb. 16, 2023.
CVX Stock Rallies Ahead of Earnings
Investors will also want to keep in mind Chevron’s upcoming earnings report. The oil giant is planning to release earnings results for the fourth quarter of 2022 before markets open tomorrow.
When it comes to Wall Street’s expectations, Chevron will have to beat out adjusted earnings per share of $4.38 in Q4. Analysts are also expecting the company to bring in revenue of $54.63 billion for the quarter.
As far as today’s trading volume goes, some 4.7 million shares of the stock have changed hands. That’s still below the company’s daily average trading volume of about 7.8 million shares.
CVX stock is up 3.7% as of Thursday morning.
There’s more recent stock market news traders will want to dive into below!
We’ve got traders covered with all of the hottest stock market news for Thursday! Among that is what’s happening with shares of Southwest Airlines (NYSE:LUV), Inhibikase Therapeutics (NASDAQ:IKT), and Nio (NYSE:NIO) stock today. You can learn more at the following links!
More Thursday Stock Market News
- LUV Stock Alert: Southwest Reports $800 Million Loss During Holiday Mishap
- Why Is Inhibikase Therapeutics (IKT) Stock Down 11% Today?
- Why Is NIO Stock Up 5% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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