Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant. The Downstream segment refines crude oil into petroleum products; markets crude oil, refined products, and lubricants; manufactures and markets renewable fuels, commodity petrochemicals, plastics for industrial uses, and fuel and lubricant additives; and transports crude oil and refined products by pipeline, marine vessel, motor equipment, and rail car. The company was formerly known as ChevronTexaco Corporation and changed its name to Chevron Corporation in 2005. Chevron Corporation was founded in 1879 and is headquartered in San Ramon, California.

Chevron выглядит финансово устойчивой, но по текущим метрикам рынок уже закладывает немало оптимизма. Мультипликатор P/E на уровне 28.0x заметно выше медианы отрасли, а P/S, P/B и особенно P/FCF также торгуются с премией, что ограничивает потенциал переоценки. При этом динамика этих мультипликаторов за последние кварталы в основном ухудшалась: P/E, P/S, P/B и P/FCF росли, то есть цена опережала фундаментальную отдачу. Сильной стороной остаётся низкая долговая нагрузка: debt/equity 0.19 существенно ниже отраслевой медианы, а баланс по equity и активам выглядит крупным и устойчивым. Однако ликвидность не идеальна: quick ratio 0.86 и current ratio 1.15 ниже отраслевых ориентиров, что для капиталоёмкого нефтегазового бизнеса не критично, но всё же не добавляет премии к оценке. Рентабельность смешанная: ROE, ROA и ROI находятся ниже медианы отрасли, а маржи прибыли и операционная маржа заметно просели по сравнению с прошлым годом. Валовая маржа остаётся относительно приличной, но и она не компенсирует слабость нижних уровней отчёта о прибылях и убытках. По абсолютным показателям выручка и прибыль остаются крупными, EBITDA и чистая прибыль положительные, но траектория по net income, operating income и маржам скорее указывает на давление на качество заработка. Дивидендная доходность снизилась с более высоких уровней в течение года, поэтому дивидендный фактор сейчас поддерживает акцию слабее, чем раньше. В сумме это не история глубокого дисконта: баланс и масштаб бизнеса сильные, но оценка уже не выглядит дешёвой относительно отрасли. Для целевой цены это означает умеренно негативную корректировку, поскольку премиальные мультипликаторы и ослабление рентабельности перевешивают преимущества низкого долга и большого капитала.

Chevron Corporation

Сильный индекс, без изменений. Быки в растерянности.

Strong index, flat. The bulls are confused.

Средний индекс, незначительно упал. Рынок не поддерживает быков.

Medium index, slightly down. The market does not support the bulls.

Слабый индекс, незначительно упал

CVX остаётся финансово устойчивой, но торгуется с премией к отрасли при ослаблении рентабельности и снижении дивидендной поддержки.

Key Points
The U.S. and Iran reportedly could sign a peace deal in the next few days.
It would reopen the Strait of Hormuz to oil tanker traffic.
The oil market still faces a long road to recovery, which could keep crude prices elevated into 2027.
The price of Brent oil, the global benchmark, slumped nearly 4% on Friday, closing at $86.88 per barrel. At one point, Brent touched its lowest point since early March. It fell 7.7% for the week, which is the third weekly decline in the past four weeks.
Driving the decline were reports that the U.S. and Iran are closing in on a peace deal that could be signed in the next few days. The reported deal would, among other things, fully reopen the Strait of Hormuz to ship traffic. Here’s what it would mean for oil stocks.
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Image source: Getty Images.
The long road to recovery
Iran has effectively closed the Strait of Hormuz since the U.S. and Israel launched military attacks against the country more than three months ago. Before the war, 20% of global oil supplies moved through the narrow waterway each day. That has fallen to a trickle, though recent reports suggest that oil has been quietly escaping the Persian Gulf. In addition to those flows, Saudi Arabia and the UAE have ramped up volumes on bypass pipelines.
However, despite those workarounds, demand has significantly outpaced supply, causing the global economy to burn through oil inventory and emergency stockpiles. According to some estimates, the world has lost over 1 billion barrels of supply since the war began. It will take the oil industry time to recover from this massive supply shortfall. Persian Gulf countries need to restart the oil wells they shut in due to the war, which could take several months. Meanwhile, the economy will need to rebuild inventory levels and emergency stockpiles to cushion the blow of a future supply crisis.
As a result, oil prices will likely remain elevated long after the Strait of Hormuz fully reopens to tanker traffic. For example, Goldman Sachs expects Brent will average $90 a barrel in the fourth quarter of this year and $80 a barrel next year as the oil market recovers.
A constructive environment for oil stocks
That outlook bodes well for oil companies. For example, U.S. oil giant ConocoPhillips (NYSE:COP) only needs oil in the mid-$40s to breakeven (generate enough cash to fund its operations and capital spending plan) and $10 more to cover its dividend payments. As a result, it can make a lot of money when oil is in the $80s. Last year, it produced $7.3 billion in free cash flow after capital spending when Brent averaged around $69 a barrel. ConocoPhillips initially expected to generate an additional $1 billion in free cash flow this year at $70 oil, driven solely by cost savings. It’s now on track to significantly exceed that level with Brent likely to remain elevated the rest of this year, even if the peace deal goes through.
Chevron (NYSE:CVX) expects to produce an even bigger gusher of additional free cash flow this year. The oil company initially estimated that recently completed expansion projects, its Hess merger, and cost-savings initiatives would boost its free cash flow by $12.5 billion this year at $70 oil. However, Chevron will now likely produce even more excess free cash this year if oil remains above $80 a barrel.
Oil stocks remain attractive investments
The U.S. appears to be on the verge of securing a peace deal with Iran that would also reopen the Strait of Hormuz. That would enable oil to freely flow out of the Persian Gulf again.
However, while oil prices are down on the news, the industry has a long recovery ahead. As a result, oil prices will likely remain above $80 a barrel well into 2027. That positions oil companies like ConocoPhillips and Chevron to generate a bigger gusher of excess free cash flow, making them still look like strong investments right now.
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Matt DiLallo has positions in Chevron and ConocoPhillips. The Motley Fool has positions in and recommends Chevron and Goldman Sachs Group. The Motley Fool recommends ConocoPhillips. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Brent Oil Drops Below $90 as the U.S. Closes in on a Peace Deal With Iran. What it Means for Oil Stocks.

Chevron Corporation CVX is reportedly set to partner with two Argentine energy players, namely YPF and Pluspetrol, to ink new contracts with Transportadora de Gas del Sur TGS for a natural gas liquids (NGLs) project in Argentina. The contract entails supplying natural gas for the proposed $3 billion project led by TGS.
The report mentioned that Chevron, YPF and Pluspetrol are expected to take up approximately 80% of the project’s capacity. The signing of these contracts significantly increases the likelihood of the project reaching a final investment decision. The project involves converting natural gas, including the gas extracted alongside oil from the producing wells, into high-value liquids such as butane and propane. The higher value natural gas liquids produced can then be exported to international markets.
In recent years, Argentina’s Vaca Muerta shale has gained significant recognition as one of the world’s largest unconventional gas reserves, and several companies, including Chevron, are planning to expand their presence in the shale basin. The liquids project, developed by TGS, is one of many processing and export ventures expected to boost production from the Vaca Muerta shale and help the country become an energy supplier over the coming years.
Notably, these projects will help Argentina reduce its dependence on energy imports and boost foreign exchange reserves. TGS has previously stated that it will finance a part of this multi-million dollar project using its own capital. For Chevron, this deal stands to expand its footprint in Argentina’s booming shale industry and benefit from the shale basin's significant resource potential.
Zacks Rank and Key Picks
CVX currently carries a Zacks Rank #3 (Hold) while TGS carries a Zacks Rank #2 (Buy).
Some better-ranked stocks from the energy sector are Cenovus Energy CVE and W&T Offshore WTI. While Cenovus sports a Zacks Rank #1 (Strong Buy) at present, W&T Offshore carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Cenovus Energy Inc. is a Canadian integrated energy company with operations spanning the upstream, midstream and downstream sectors. The company is involved in exploration and production from its low-cost oil sands and heavy oil assets in Canada. The strategic MEG Energy acquisition is expected to boost Cenovus Energy's production levels in 2026.
W&T Offshore benefits from its prolific Gulf of America assets, which offer low decline rates, strong permeability and significant untapped reserves. The company’s recent acquisition of six shallow-water fields in the Gulf of America boosts its future production prospects, which is expected to enhance its revenues.
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Chevron and Partners to Support TGS-Led Argentina NGL Project

Dividend stocks can be a great source of income for investors, especially retirees. That's because dividend stocks pay out cash distributions regularly, usually once per quarter.
While dividend stocks can be a great source of income, they can also be an excellent way to grow your wealth over time. That's because those companies that consistently pay out dividends must show strong discipline in managing their cash to ensure they can make regular dividend payments to investors. Not only that, but dividend-paying companies tend to outperform the broader market. According to Royal Bank of Canada's Global Asset Management division, from 1986 through 2016, dividend-paying companies returned investors an average of 9.9%, outperforming the 6.6% return in the broader market.
Three companies with solid dividend yields that you can invest in forever include Morgan Stanley (NYSE: MS), U.S. Bancorp (NYSE: USB), and Cincinnati Financial (NASDAQ: CINF).
1. Morgan Stanley
Morgan Stanley is a financial services firm with businesses across investment banking, wealth management, and securities trading. The company is a good dividend stock because it has diversified its revenue streams. Before 2020, the company relied primarily on investment banking and trading to generate revenue.
Seeing how volatile the business's earnings were, CEO James Gorman looked to diversify the company's revenue so it could perform well in all kinds of markets. The bank made a splash last year, making not one but two major acquisitions. The bank acquired E*TRADE and Eaton Vance, spending roughly $20 billion to improve its profitability in all kinds of market conditions.
E*TRADE gives the firm a consistent revenue stream from trading commissions and fees. This revenue stream can perform quite well when market volatility is high and investors engage in a lot of trading activity. Eaton Vance gives it a revenue stream that can do well in all market conditions. Wealth management will collect fees on total assets under management (AUM) and can provide it with revenue.
This consistent revenue stream should help the company maintain and even grow its dividend for the years to come. The bank doubled its dividend payout after the Federal Reserve lifted dividend restrictions on banking sector stocks earlier this year, and the stock currently yields investors a healthy dividend of 2.1% annually.
2. U.S. Bancorp
U.S. Bancorp is a well-run bank that focuses on risk management and strong credit quality. Its focus on high-quality loans and conservative loss provisions are one reason why it is known as one of the best-run super-regional banks in the U.S. U.S. Bancorp is also one of Berkshire Hathaway's top 10 largest holdings.
What makes U.S. Bancorp a solid dividend stock is its consistent earnings over the past decade. The stock currently trades at a price to tangible book value (equity minus intangible assets and goodwill) of 2.4, putting it at a more expensive valuation than other banking competitors.
However, it trades at a premium for a good reason. The bank has maintained stellar profitability ratios compared to its peers. Over the past 10 years, U.S. Bancorp has maintained an average return on equity (ROE) of 15.2% and an average return on assets (ROA) of 1.4% -- beating out other major banking competitors, including JPMorgan Chase, Bank of America, and Wells Fargo.
U.S. Bancorp has displayed excellent risk management and credit quality. Additionally, it has also built up a strong payments business, which should drive strong future growth for the bank. The bank currently gives investors an attractive yield of 3.1%.
3. Cincinnati Financial
Insurance companies can be a great source of income because of their consistent cash flow generation. That's a big reason why Warren Buffett has described insurance as one of his favorite industries to invest in.
Cincinnati Financial is an insurer focused on writing property and casualty insurance policies. The company mainly makes money from commercial insurance policies or those policies for businesses. It also underwrites personal lines of policies like auto insurance and homeowners insurance.
It has done a great job of writing profitable policies for decades now, and that is why it has been able to increase its dividend payout so consistently. From 2012 through 2020, the company has grown cash flow from its property-casualty policies at an 11.5% compound annual growth rate.
The company has invested heavily in its technology and AI to underwrite better policies and handle claims quickly and efficiently. These investments help it stay ahead of its competition, which has seen younger insurance companies looking to leverage AI and big data to disrupt the entire industry.
Cincinnati Financial has shown an impressive history of consistently increasing its dividends. The company is a part of the exclusive Dividend Kings club -- stocks that have increased dividend payouts for at least 50 years straight. The company has increased its dividend 61 years consecutively, a feat that only eight other companies have achieved. It also sports a solid dividend yield of 2.1%.
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Bank of America is an advertising partner of The Ascent, a Motley Fool company. Wells Fargo is an advertising partner of The Ascent, a Motley Fool company. JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Courtney Carlsen owns shares of Morgan Stanley. The Motley Fool owns shares of and recommends Berkshire Hathaway (B shares). The Motley Fool recommends the following options: long January 2023 $200 calls on Berkshire Hathaway (B shares), short January 2023 $200 puts on Berkshire Hathaway (B shares), and short January 2023 $265 calls on Berkshire Hathaway (B shares). The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

3 Dividend Stocks You Can Buy and Hold Forever

National Fuel Gas Company NFG announced that its board of directors has approved a 4% hike in the quarterly dividend payment, lifting the payout to 55.5 cents per share. The dividend is payable on July 15, 2026, and will be distributed to shareholders of record as of June 30, 2026.
The company’s new annualized dividend is $2.22 per share compared with the previous annual dividend of $2.14. Its current dividend yield is 2.79%, higher than the Zacks S&P 500 composite's average of 1.44%.
The company has paid dividends for 124 consecutive years and has increased its annual dividend for 56 straight years. NFG’s long history of dividend distribution reflects its strong operational performance and resilient cash-flow generation.
NFG's Dividend Sustainability Outlook
Although dividend payments are never guaranteed from one quarter to the next, a company’s strategic efforts to improve earnings and operational performance can help assess the sustainability of its dividend policy.
National Fuel Gas benefits from rising natural gas demand driven by data center growth, extensive shale assets, enhanced well designs, strategic acquisitions and disciplined capital investments that support long-term production, earnings and dividend growth.
NFG in October 2025 announced that it has agreed to acquire CenterPoint’s Ohio natural gas utility business for $2.62 billion, expected to close in the fourth quarter of calendar 2026. The transaction is expected to enhance long-term regulated adjusted EPS growth of 5-7% and strengthen dividend prospects by increasing regulated earnings.
The company generated nearly $160 million in free cash flow in the second quarter of fiscal 2026. NFG plans to increase free cash flow through strategic investments and operational improvements in its production and gathering businesses, supporting future dividend increases and stronger shareholder returns.
The company plans capital investment of $0.96-$1.07 billion in fiscal 2026. Its systematic capital spending to strengthen its natural gas and oil operations is positively impacting total production.
Consistent Dividend-Paying History
NFG is not the only company with a long history of dividend distribution. Chevron Corporation CVX, Exxon Mobil XOM and Occidental Petroleum OXY are the other players from the same sector that have a long history of dividend payment.
Chevron has been increasing shareholder value through consistent annual dividend hikes for 39 consecutive years. Currently, the company’s quarterly dividend is $1.78 per share, resulting in an annualized dividend of $7.12.
CVX's dividend yield is 3.83%. The Zacks Consensus Estimate for Chevron's 2026 earnings is pegged at $15.88 per share, suggesting year-over-year growth of 117.83%.
Exxon Mobil’s dividends per share have grown at an average annual rate of 5.8% over the last 43 years. The company’s board has approved a quarterly dividend of $1.03 per share, resulting in an annualized dividend of $4.12.
XOM's dividend yield is 2.81%. The Zacks Consensus Estimate for Exxon Mobil's 2026 earnings is pegged at $11.80 per share, suggesting year-over-year growth of 66.81%.
Occidental Petroleum also has a long history of paying dividends. On Feb. 18, 2026, the board approved an 8% increase in the quarterly dividend to 26 cents per share, raising the annualized payout to $1.04 per share.
OXY's dividend yield is 1.87%. The Zacks Consensus Estimate for Occidental Petroleum's 2026 earnings is pegged at $5.79 per share, suggesting year-over-year growth of 161.99%.
NFG's Stock Price Performance
In the past month, the company’s shares have plunged 3.7% compared with the industry’s 1.8% fall.
Image Source: Zacks Investment Research
NFG’s Zacks Rank
NFG currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Beyond Nvidia: AI's Second Wave Is Here
The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. AI’s second wave is moving from infrastructure to implementation and these companies are at the forefront of this transition, positioned to become what Amazon and Google were to the internet era.
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National Fuel Gas Rewards Shareholders With 4% Dividend Increase

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the WisdomTree U.S. Quality Dividend Growth Fund (Symbol: DGRW) where we have detected an approximate $721.7 million dollar inflow -- that's a 4.3% increase week over week in outstanding units (from 174,450,000 to 182,000,000). Among the largest underlying components of DGRW, in trading today Home Depot Inc (Symbol: HD) is up about 0.1%, McDonald's Corp (Symbol: MCD) is up about 0.3%, and Chevron Corporation (Symbol: CVX) is up by about 1%. For a complete list of holdings, visit the DGRW Holdings page » The chart below shows the one year price performance of DGRW, versus its 200 day moving average:
Looking at the chart above, DGRW's low point in its 52 week range is $81.28 per share, with $98.005 as the 52 week high point — that compares with a last trade of $95.77. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Further DGRW Research:
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

WisdomTree U.S. Quality Dividend Growth Fund Experiences Big Inflow

Shell plc SHEL has reportedly taken a significant step in re-establishing its presence in Venezuela by signing five agreements with the Venezuelan government to advance strategic oil and gas projects. The agreements mark a new phase in the relationship between the energy giant and the South American nation, highlighting the company’s growing role in Venezuela’s efforts to revitalize its energy sector and attract foreign investment.
The latest deals build on preliminary agreements signed earlier in the year and reinforce Shell’s position as one of the first major international energy companies to capitalize on the country’s renewed investment opportunities.
Loran Gas Field Takes Center Stage
At the heart of the agreements is Shell’s participation in the Loran offshore gas field, a massive reservoir estimated to hold approximately 7 trillion cubic feet (Tcf) of natural gas. The field extends across maritime boundaries shared by Venezuela and Trinidad and Tobago, making it one of the region’s most strategically important gas developments.
Venezuelan officials described the agreement as a historic milestone, as it advances the first phase of the Loran field’s development plan. The project is expected to play a critical role in unlocking Venezuela’s vast offshore gas resources and strengthening regional energy cooperation.
Supporting Venezuela’s Gas Export Ambitions
The Loran project, alongside the 4.2-Tcf Dragon gas field in which Shell is also involved, is expected to pave the way for Venezuela’s entry into offshore gas exports. Initial supplies are expected to be transported to Trinidad and Tobago, where the gas can be processed into liquefied natural gas (LNG) for international markets.
This development could create a new revenue stream for Venezuela while helping monetize the country’s substantial untapped gas reserves. For Shell, the projects offer access to significant long-term gas resources in a region with growing export potential.
Broader Energy Cooperation Beyond Gas
The agreements extend beyond offshore gas development. Shell and Venezuela also reached a technical alliance aimed at expanding production from oilfields in Monagas North. Another pact focuses on procuring equipment and parts designed to reduce gas flaring, supporting operational efficiency and environmental performance.
Additionally, increased oil production linked to Shell’s activities is expected to improve the availability of diluents used in producing Venezuela’s flagship Merey crude blend and supplying domestic refineries.
Broader Industry Implications
The agreements come amid broader geopolitical and economic shifts, including efforts to revitalize Venezuela’s energy sector. They are among the first major expansion deals following reforms aimed at attracting international capital.
At the same time, BP p.l.c. BP is also expected to participate in the Loran gas field and the adjacent Cocuina-Manakin offshore gas project under separate agreements signed with the Venezuelan government in April. BP already has exposure to the region through its Manakin-Cocuina exploration and production license, awarded in 2024. However, U.S. approvals were revoked, prompting BP to lobby for reinstatement.
Chevron Corporation’s CVX joint ventures with PDVSA are already producing approximately 260,000 barrels per day — about a quarter of Venezuela’s total output. In April, CVX also signed an asset swap agreement with PDVSA, expected to support a potential 50% increase in production over the next two years within its existing footprint.The restructuring also positions Chevron to compete more effectively as Venezuela opens its energy sector to increased foreign investment following regulatory reforms.
A Strategic Win for Shell
The latest agreements elevate Shell, currently carrying a Zacks Rank #3 (Hold), to one of the most important partners of Venezuela’s state-owned energy company, PDVSA. Having previously scaled back operations and closed offices in the country, Shell is now emerging as a key participant in some of Venezuela’s most significant energy projects.
With the Loran and Dragon developments moving forward, the company is positioning itself to benefit from future gas exports while strengthening its presence in a resource-rich region undergoing a gradual energy-sector revival. The agreements underscore Shell’s commitment to pursuing attractive growth opportunities and expanding its role in the evolving global energy landscape.
Beyond Nvidia: AI's Second Wave Is Here
The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. AI’s second wave is moving from infrastructure to implementation and these companies are at the forefront of this transition, positioned to become what Amazon and Google were to the internet era.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Shell's Venezuela Return Gains Momentum With Loran Gas Deal

The S&P 500 Index ($SPX) (SPY) on Thursday closed up +1.75%, the Dow Jones Industrial Average ($DOWI) (DIA) closed up +1.86%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +3.29%. June E-mini S&P futures (ESM26) rose +1.73%, and June E-mini Nasdaq futures (NQM26) rose +3.26%.
Stock indexes settled sharply higher on Thursday, after geopolitical risks eased when President Trump canceled planned strikes on Iran and signaled that a peace deal to end the war was imminent. Chipmakers and other AI-related stocks rallied on Thursday, leading the broader market higher. Also, Thursday’s -2% plunge in WTI crude oil sparked a rally in airline stocks and cruise line operators. However, software stocks retreated on Thursday, led by an -8% slump in Oracle after it reported higher-than-expected capital expenses, driven by increased data spending.
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Stocks raced to their highs Thursday afternoon when President Trump said he canceled planned military strikes against Iran, citing "discussions" with Iranian leadership. He added that a "time and place of the signing" of a negotiated end to the war would "be announced shortly," and the US naval blockade of the Strait of Hormuz "will remain in full force and effect until this transaction is finalized."
Stocks were initially weighed down on Thursday amid concerns about the escalation of Middle East hostilities after President Trump said the US will be hitting Iran very hard tonight and will "at some point" take control of Kharg Island, Iran's key export hub, thus taking control of Iran's oil and gas markets.
Stocks were also pressured by Thursday’s US economic reports, which showed that weekly US jobless claims unexpectedly rose to a 4-month high and that May producer prices were mixed.
Late Wednesday, President Trump said the US will continue bombing Iran if it refuses to agree to an interim peace deal. Mr. Trump ordered multiple strikes on Iranian targets on Wednesday, and Iran retaliated by firing on US bases in Kuwait, Bahrain, and Jordan. The increase in tensions risks derailing peace talks between Iran and the US, thus keeping the Strait of Hormuz closed, and further tightening global energy supplies.
US weekly initial unemployment claims unexpectedly rose +4,000 to a 4-month high of 229,000, showing a weaker labor market than expectations of a decline to 220,000.
US May PPI final demand rose +1.1% m/m and +6.5% y/y, stronger than expectations of +0.7% m/m and +6.4% y/y, with the +6.5% y/y gain being the largest year-on-year increase in 3.5 years. However, May PI ex food and energy rose +0.4% m/m and +4.9% y/y, weaker than expectations of +0.5% m/m and +5.4% y/y.
WTI crude oil prices (CLN26) are extremely volatile, whipsawing higher and lower several times on Thursday. Crude prices today initially gave up an overnight advance of more than +2% and fell more than -2% after President Trump said he canceled planned strikes on Iran and that a peace deal to end the war was imminent. Crude prices initially rallied more than +2% on Thursday when President Trump said the US would keep attacking Iran and threatened to seize the Kharg Island oil terminal, Iran’s main crude exporting hub.
The markets are discounting a 0% chance of a +25 bp rate hike at the next FOMC meeting on June 16-17.
Overseas stock markets settled mixed on Thursday. The Euro Stoxx 50 closed up +0.78%. China's Shanghai Composite closed down -0.16%. Japan's Nikkei Stock Average recovered from a 2.5-week low and closed up +0.06%.
Interest Rates
September 10-year T-notes (ZNU6) on Thursday closed up +17 ticks, and the 10-year T-note yield fell -9.3 bp to 4.459%. T-notes rallied on Thursday after US weekly jobless claims unexpectedly rose to a 4-month high and May producer prices ex-food and energy rose less than expected, dovish factors for Fed policy. T-notes also garnered support on Thursday from the -2% fall in WTI crude oil prices, which lowered inflation expectations. The 10-year breakeven inflation rate fell to a 2.5-month low of 2.303% on Thursday.
Gains in T-notes were limited after stocks rallied sharply, which curbed safe-haven demand for government debt securities. Also, slack demand for the Treasury’s $22 billion auction of 30-year T-bonds was negative for T-notes, as the auction had a bid-to-cover ratio of 2.33, below the 10-auction average of 2.39.
European government bond yields moved lower on Thursday. The 10-year German Bund yield fell from a 2.5-week high of 3.091% and finished down -4.5 bp to 3.032%. The 10-year UK gilt yield fell -2.6 bp to 4.905%.
The ECB, as expected, raised the deposit facility rate by +25 bp to 2.25% from 2.00% and said, "The outlook remains uncertain, with upside risks for inflation and downside risks for economic growth."
The ECB cut its 2026 Eurozone GDP estimate to +0.8% from a previous estimate of +0.9% and raised its 2026 Eurozone inflation ex-food and energy forecast to +2.5% from a previous forecast of +2.3%.
Swaps are discounting a 62% chance of a +25 bp ECB rate hike at its next policy meeting on July 23.
US Stock Movers
Chipmakers and AI-infrastructure stocks rallied sharply on Thursday amid signs that AI spending is continuing after Oracle reported quarterly capital expenditures that were higher than expected, driven by increased data center spending. Sandisk (SNDK) closed up more than +14% to lead gainers in the S&P 500 and Nasdaq 100, and KLA Corp (KLAC) closed up more than +13%. Also, Lam Research (LRCX) closed up more than +12%, and Applied Materials (AMAT), ARM Holdings Plc (ARM), Marvell Technology (MRVL), and Micron Technology (MU) closed up more than +11%. In addition, Intel (INTC) and ASML Holding NV (ASML) closed up more than +9%, and Advanced Micro Devices (AMD) and Western Digital (WDC) closed up more than +7%. Finally, Seagate Technology Holdings Plc (STX), NXP Semiconductors NV (NXPI), and Qualcomm (QCOM) closed up more than +6%, and Microchip Technology (MCHP) and Texas Instruments (TXN) closed up more than +5%.
Airline stocks and cruise line operators moved sharply higher on Thursday after WTI crude oil fell more than -2%, lowering fuel costs and boosting the companies’ profitability prospects. Alaska Air Group (ALK) closed up more than +11%, and United Airlines Holdings (UAL) and American Airlines Group (AAL) closed up more than +9%. Also, Carnival (CCL) closed up more than +8%, and Southwest Airlines (LUV) and Royal Caribbean Cruises (RCL) closed up more than +7%. In addition, Norwegian Cruise Line Holdings (NCLH) and Delta Air Lines (DAL) closed up more than +6%.
Cryptocurrency-exposed stocks moved higher on Thursday as Bitcoin (^BTCUSD) rose more than +3%. Galaxy Digital Holdings (GLXY) closed up more than +10%, and Riot Platforms (RIOT) closed up more than +8%. Also, MARA Holdings (MARA) closed up more than +7%, Coinbase Global (COIN) closed up more than +4%, and Strategy (MSTR) closed up more than +3%.
Software stocks are under pressure today, limiting gains in the overall market, with Oracle (ORCL) down more than -8% to lead losers in the S&P 500 after forecasting full-year capital spending of $70 billion, $20-25 billion higher than expected due to prepayment for some components. Also, Autodesk (ADSK) closed down more than -7% to lead losers in the Nasdaq 100, and Adobe Systems (ADBE) closed down more than -6%. In addition, Workday (WDAY) closed down more than -5%, and Salesforce (CRM) closed down more than -2% to lead losers in the Dow Jones Industrials. Finally, ServiceNow (NOW), Atlassian Corp (TEAM), and Intuit (INTU) closed down more than -2%, and Microsoft (MSFT) closed down more than -1%.
Energy stocks and service providers slumped on Thursday after WTI crude oil fell more than -2%. Devon Energy (DVN) closed down more than -4%, and ConocoPhillips (COP) and APA Corp (APA) closed down more than -3%. Also, Chevron (CVX), Diamondback Energy (FANG), Exxon Mobil (XOM), and Occidental Petroleum (OXY) closed down more than -2%.
Voyager Technologies (VOYG) closed up more than +16% after BTIG initiated coverage on the stock with a buy recommendation and a price target of $55.
Navan (NAVN) closed up more than +9% after raising its full-year revenue forecast to $907 million-$913 million from a previous estimate of $866 million-$874 million, well above the consensus of $871.7 million.
Eaton Corp Plc (ETN) closed up more than +5% after agreeing to merge its mobility business with Dana Inc in a deal valuing the combined company at roughly $10 billion, including debt.
Allegion Plc (ALLE) closed up more than +3% after Longbow Research upgraded the stock to buy from neutral with a price target of $165.
Earnings Reports(6/12/2026)
America's Car-Mart Inc/TX (CRMT), Atlantic International Corp (ATLN), Friedman Industries Inc (FRD), Liberty Live Holdings Inc (LLYVA), Pioneer Bancorp Inc/NY (PBFS), Richtech Robotics Inc (RR), Seneca Foods Corp (SENEB), Whitestone REIT (WSR).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Settle Sharply Higher on Middle East Peace Hopes

Comparing units outstanding versus one week ago at the coverage universe of ETFs at ETF Channel, the biggest inflow was seen in the iShares Systematic Alternatives Active ETF, which added 44,800,000 units, or a 39.6% increase week over week. Among the largest underlying components of IALT, in morning trading today Parker-hannifin is up about 1.3%, and Chevron is higher by about 0.5%.
And on a percentage change basis, the ETF with the biggest increase in inflows was the Amplify Bloomberg AI Value Chain ETF , which added 250,000 units, for a 38.5% increase in outstanding units. Among the largest underlying components of AIVC, in morning trading today Marvell Technology Inc (MRVL) is up about 6.1%, and Micron Technology is higher by about 2.9%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

IALT, AIVC: Big ETF Inflows

Chevron Corporation’s CVX 50% stake in Tengizchevroil (TCO), which operates the giant Tengiz and Korolev oil fields in Kazakhstan, is one of the company’s most valuable international upstream investments. TCO is a key contributor to Chevron’s reserve base, with Kazakhstan accounting for nearly 11% of the company’s proved reserves. The asset recently entered a new growth phase following the completion of the Future Growth Project (FGP) and Wellhead Pressure Management Project in 2025.
The FGP increased Tengiz crude production capacity by approximately 260,000 barrels per day, lifting total gross production capacity to around 1 million barrels of oil equivalent per day (BOE/d). This expansion has become a major driver of Chevron’s production growth, contributing significantly to the company’s 2025 output increase and expected growth in 2026. Management views TCO as a cornerstone asset supporting long-term production and free cash flow growth through 2030.
TCO is also transitioning from a capital-intensive project to a cash-generating asset. Chevron has provided substantial financing for its expansion and received a $1 billion loan repayment in the first quarter of 2026. It also expects additional repayments during the year, further boosting cash flow.
Although higher depreciation expenses and weaker commodity realizations temporarily pressured earnings in 2025, TCO’s long-term value proposition remains strong. The project provides large-scale, low-cost production growth, high-margin barrels, rising free cash flow and meaningful capital returns. As a result, TCO is expected to be one of Chevron’s largest contributors to cash generation and shareholder value creation over the remainder of the decade.
Other Oil Majors Operating in Kazakhstan
Exxon Mobil Corporation XOM is a major international investor in Kazakhstan’s energy industry, playing a key role in the development of the country’s vast oil and gas resources. Through its local subsidiaries, including ExxonMobil Kazakhstan Inc., the company collaborates closely with the Kazakh government and national oil company, KazMunayGas, to advance exploration, production and transportation activities. A cornerstone of ExxonMobil’s presence in the country is its 25% stake in the TCO joint venture, which operates the world-class Tengiz oil field located along the northeastern coast of the Caspian Sea, one of Kazakhstan’s most significant energy assets.
TotalEnergies SE TTE has established a strong presence in Kazakhstan through a balanced energy strategy that combines large-scale oil and gas operations with growing investments in renewable energy. The company is a key contributor to the nation’s hydrocarbon production and supports Kazakhstan’s position as a major global energy supplier. TotalEnergies owns a 16.81% interest in the North Caspian Project’s Kashagan field, one of the world’s largest offshore oil developments in the Caspian Sea. At the same time, TTE is advancing Kazakhstan’s energy transition through the Mirny Project, a major renewable energy initiative aligned with the country’s 2060 net-zero emissions target.
CVX’s Price Performance, Valuation & Estimates
Shares of Chevron have gained 26% in the past six months compared with the Oil/Energy sector’s growth of 20.6%.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for CVX’s 2026 earnings is pegged at $15.74 per share, indicating 115.9% year-over-year growth. The positive earnings estimate outlook makes the stock attractive for investors.
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From a valuation perspective — in terms of forward price-to-earnings ratio — Chevron is trading at a premium compared with the industry average.
Image Source: Zacks Investment Research
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.7% per year. So be sure to give these hand picked 7 your immediate attention.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

How Investment in TCO Is Powering Chevron's Next Wave of Cash Growth

Exxon Mobil Corporation XOM is an integrated energy giant, but generates the bulk of its earnings from the upstream operations. With a strong presence in the prolific Permian Basin and offshore Guyana resources, its top and bottom lines are highly vulnerable to fluctuations in oil and natural gas prices.
But investors should not worry much about this vulnerability since ExxonMobil has a strong balance sheet. With a debt-to-capitalization of 15.44%, the integrated energy giant has significantly lower exposure to debt capital. Thus, unlike many other energy companies, ExxonMobil can rely on its strong balance sheet when oil and natural gas prices turn low, and the business scenario becomes unfavorable.
With lower exposure to debt capital, XOM can secure additional debt on favorable terms during uncertain situations, allowing it to operate smoothly, pursue lucrative acquisitions and continue rewarding shareholders.
CVX & EOG Also Have Low Debt Load
Chevron Corporation CVX and EOG Resources Inc. EOG, both having robust balance sheets, can also sail through an unfavorable business environment due to their strong financials. While CVX has a debt-to-capitalization of 19.35%, EOG’s debt-to-capitalization stands at 20.42%.
XOM’s Price Performance, Valuation & Estimates
Shares of XOM have gained 37.2% over the past year compared with the 35.3% improvement of the industry.
Image Source: Zacks Investment Research
From a valuation standpoint, XOM trades at a trailing 12-month enterprise value to EBITDA of 9.97X. This is above the broader industry average of 6.40X.
The Zacks Consensus Estimate for XOM’s 2026 earnings has seen upward revisions over the past 30 days.
Image Source: Zacks Investment Research
ExxonMobil currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
7 Best Stocks for the Next 30 Days
Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."
Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.7% per year. So be sure to give these hand picked 7 your immediate attention.
See them now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.