Why Chevron Stock Popped on Monday
Chevron's got a cash windfall coming, and investors can cash in on that today.
Overview
War. Huh? What is it good for? Well, apparently it's good for oil prices and oil stocks -- Chevron (NYSE: CVX) in particular.
Global demand for oil amid Mideast turmoil spurred Chevron to raise its production forecast to between 4 million and 4.1 million barrels per day for this year, as TheFly.com reported late Friday. At the same time, Chevron advised that its capital spending will be closer to $18 billion than $19 billion.
Details
Investors liked the news, and Chevron stock is up 3.2% through 10:15 a.m. ET this morning.
Source
Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.