According to a report by Reuters on Monday, citing industry sources, after an unplanned outage, train 3 at Chevrons Gorgon liquefied natural gas export plant in Australia has been brought back online during the past weekend.
A mechanical issue caused the train to be shut down in mid-January. The issue probably resulted from higher than usual temperatures in the region, according to the sources.
Chevron shares closed higher for a second consecutive trading session in New York on Monday. The stock edged up 0.19% ($0.23) to $119.62, after touching an intraday high at $120.42 and an intraday low at $119.40.
Shares of Chevron Corp have risen 9.95% so far in 2019 compared with an 11.54% gain for the benchmark index, S&P 500 (SPX).
In 2018, Chevron’s stock went down 13.10%, thus, it again underperformed the S&P 500, which registered a 6.24% loss.
Operated by Chevron, the Gorgon project has a production capacity of 15.6 million tonnes of liquefied natural gas per year from its three trains.
Chevrons Australian subsidiary holds a stake of 47.3% in the project, while Royal Dutch Shell and Exxon Mobil Corp each hold 25%.
According to CNN Money, the 23 analysts, offering 12-month forecasts regarding Chevron Corp’s stock price, have a median target of $135.00, with a high estimate of $160.00 and a low estimate of $117.00. The median estimate represents a 12.86% upside compared to the closing price of $119.62 on February 25th.
The same media also reported that 17 out of 26 surveyed investment analysts had rated Chevron Corp’s stock as “Buy”, while 6 – as “Hold”.
Weekly Pivot Levels
By using the traditional method of calculation, the weekly levels of importance for Chevron Corp (CVX) are presented as follows:
Central Pivot Point – $119.50
R1 – $120.61
R2 – $121.83
R3 – $122.94
R4 – $124.05
S1 – $118.28
S2 – $117.17
S3 – $115.95
S4 – $114.73
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