# Chevron Corp (CVX)

Chevron Corporation is an American multinational energy corporation. One of the successor companies of Standard Oil, it is headquartered in San Ramon, California, and active in more than 180 countries. Chevron is engaged in every aspect of the oil and natural gas industries, including hydrocarbon exploration and production; refining, marketing and transport; chemicals manufacturing and sales; and power generation.

## Stock Price Trends

Stock price trends estimated using linear regression.

#### Key facts

- The primary trend is decreasing.
- The decline rate of the primary trend is 0.10% per annum.
- CVX price at the close of November 5, 2024 was $153.41 and was inside the primary price channel.
- The secondary trend is decreasing.
- The decline rate of the secondary trend is 14.24% per annum.
- CVX price at the close of November 5, 2024 was inside the secondary price channel.

### Linear Regression Model

Model equation:

Y_{i} = α + β × X_{i} + ε_{i}

Top border of price channel:

Exp(Y_{i}) = Exp(a + b × X_{i} + 2 × s)

Bottom border of price channel:

Exp(Y_{i}) = Exp(a + b × X_{i} – 2 × s)

where:

i - observation number

Y_{i} - natural logarithm of CVX price

X_{i} - time index, 1 day interval

σ - standard deviation of ε_{i}

a - estimator of α

b - estimator of β

s - estimator of σ

Exp() - calculates the exponent of e

### Primary Trend

Start date: March 2, 2022

End date: November 5, 2024

a = 5.0206

b = 0.0000

s = 0.0585

Annual growth rate:

Exp(365 × b) – 1

= Exp(365 × 0.0000) – 1

= -0.10%

Price channel spread:

Exp(4 × s) – 1

= Exp(4 × 0.0585) – 1

= 26.37%

#### March 2, 2022 calculations

Top border of price channel:

Exp(Y_{583})

= Exp(a + b × X_{583} + 2 × s)

= Exp(a + b × 847 + 2 × s)

= Exp(5.0206 + 0.0000 × 847 + 2 × 0.0585)

= Exp(5.1353)

= $169.92

Bottom border of price channel:

Exp(Y_{583})

= Exp(a + b × X_{583} – 2 × s)

= Exp(a + b × 847 – 2 × s)

= Exp(5.0206 + 0.0000 × 847 – 2 × 0.0585)

= Exp(4.9013)

= $134.47

#### November 5, 2024 calculations

Top border of price channel:

Exp(Y_{1,257})

= Exp(a + b × X_{1,257} + 2 × s)

= Exp(a + b × 1,826 + 2 × s)

= Exp(5.0206 + 0.0000 × 1,826 + 2 × 0.0585)

= Exp(5.1327)

= $169.48

Bottom border of price channel:

Exp(Y_{1,257})

= Exp(a + b × X_{1,257} – 2 × s)

= Exp(a + b × 1,826 – 2 × s)

= Exp(5.0206 + 0.0000 × 1,826 – 2 × 0.0585)

= Exp(4.8987)

= $134.12

#### Description

- The primary trend is decreasing.
- The decline rate of the primary trend is 0.10% per annum.
- CVX price at the close of November 5, 2024 was $153.41 and was inside the primary price channel.

### Secondary Trend

Start date: April 1, 2024

End date: November 5, 2024

a = 5.7459

b = -0.0004

s = 0.0295

Annual growth rate:

Exp(365 × b) – 1

= Exp(365 × -0.0004) – 1

= -14.24%

Price channel spread:

Exp(4 × s) – 1

= Exp(4 × 0.0295) – 1

= 12.53%

#### April 1, 2024 calculations

Top border of price channel:

Exp(Y_{1,105})

= Exp(a + b × X_{1,105} + 2 × s)

= Exp(a + b × 1,608 + 2 × s)

= Exp(5.7459 + -0.0004 × 1,608 + 2 × 0.0295)

= Exp(5.1283)

= $168.73

Bottom border of price channel:

Exp(Y_{1,105})

= Exp(a + b × X_{1,105} – 2 × s)

= Exp(a + b × 1,608 – 2 × s)

= Exp(5.7459 + -0.0004 × 1,608 – 2 × 0.0295)

= Exp(5.0103)

= $149.94

#### November 5, 2024 calculations

Top border of price channel:

Exp(Y_{1,257})

= Exp(a + b × X_{1,257} + 2 × s)

= Exp(a + b × 1,826 + 2 × s)

= Exp(5.7459 + -0.0004 × 1,826 + 2 × 0.0295)

= Exp(5.0366)

= $153.94

Bottom border of price channel:

Exp(Y_{1,257})

= Exp(a + b × X_{1,257} – 2 × s)

= Exp(a + b × 1,826 – 2 × s)

= Exp(5.7459 + -0.0004 × 1,826 – 2 × 0.0295)

= Exp(4.9185)

= $136.80

#### Description

- The secondary trend is decreasing.
- The decline rate of the secondary trend is 14.24% per annum.
- CVX price at the close of November 5, 2024 was inside the secondary price channel.