Monday, November 11, 2013

Increasing Short Interest Ratios for Exxon Mobil and Chevron

Chevron Corporation (CVX) and Exxon Mobil Corp. (XOM) are the two biggest names in the Oil, Gas & Consumable Fuels industry. Their short ratios are currently higher than that of their competitors, and they are the 9th and 11th most heavily shorted stocks in the Dow Jones Industrial respectively.

When a short position in a particular stock is assumed, it implies borrowing a share and anticipating that its price will decrease. Short interest ratio is used to identify the number of days it takes to cover that short position and is calculated by dividing the short interest with the average daily trading volume. Read more.

Saturday, November 9, 2013

Chevron files suit against Polish anti-shale gas protesters

U.S. energy major Chevron (CVX) said it had filed a civil lawsuit against protesters in Poland who have prevented it from reaching a site where it plans to explore for shale gas.

Local people occupied the site near the village of Zurawlow, about 260 km (160 miles) southeast of the Polish capital, when contractors started trying to erect a fence.

Chevron said it filed the action on the grounds that the protesters were violating its lawful right of access to the site, one of four shale gas exploration concessions the company has in Poland.

"While we respect the rights of individuals to express their opinions, it should be done within the law. We believe that the views expressed by a small group of people do not reflect views of the majority of residents", in the region around the site, Chevron said in a statement. Read more.

Thursday, November 7, 2013

Earnings Drop But Dividend Investors Should Fill Up on Chevron

While it missed third quarter estimates, the company has high upstream profitability, which make Chevron’s stock a hold.

In its earnings for the third quarter of fiscal year 2013 – reported on November 1 – Chevron Corporation (CVX) reported a 1.7% increase in revenues from operations over the same quarter last year. The increase was because of higher crude oil prices and chemical commodity margins. However, lower refining and marketing margins kept EPS (earnings per share) growth from being higher.

Bidness Etc recommends shareholders to hold onto the stock and dividend-seeking investors to buy it. Investors looking for capital gains, however, should look elsewhere. Read more.

Chevron leads energy stocks higher

Shares of Chevron CVX +0.02%  gained 2.3%. Chevron on Tuesday announced a shale gas deal with Ukraine, which is attempting to reduce its dependency on natural gas supplied by Russia. Chevron signed a production-sharing agreement to develop the Olesska field in western Ukraine that is expected to lead to Ukraine’s natural-gas self-sufficiency by 2020. Chevron will invest $350 million.

Exxon Mobil Corp. XOM -0.06%   shares advanced 1.3%, while shares of ConocoPhillips COP -0.30%   gained 1.8%. Top gainers also included Marathon Oil Corp. MRO +2.19%  , with shares up 2.2%. There were plenty of companies in the red, with Chesapeake Energy Corp. CHK -0.23%  ending near the bottom of the S&P 500 index. Read more.

Wednesday, November 6, 2013

Chevron Corporation Former Ecuadorian judge denies fraud

The former Ecuadorean judge who issued a $19 billion pollution judgment against Chevron Corp testified on Tuesday that he wrote the ruling alone, two weeks after another judge testified that he had been paid to ghostwrite much of the decision.

Chevron has accused U.S. lawyer Steven Donziger of bribing the judges to win the award for a group of villagers who lived in a contaminated area of northeastern Ecuador.On the surface, the statements from Nicolas Zambrano, the former judge who testified on Tuesday, appeared to go against Chevron's claim that the judgment was a result of fraud.

But during several hours of tough questioning in a federal court in New York, a Chevron lawyer was able to zero in on several potential discrepancies in the judge's account.Zambrano repeatedly insisted that he had authored the 188-page opinion on his own."It's your testimony that nobody else wrote any of those words?" asked Randy Mastro, a lawyer for Chevron, which called Zambrano as a witness. Read more.