Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>Exxon Mobil's share price has come under pressure in recent months as investor sentiment shifts.</li>
<li>It is too early to consider this retracement as an attractive buying opportunity as short-term headwinds are to be expected.</li>
<li>Exxon's management continues to make the right moves from a capital allocation point of view.</li>
</ul>


Exxon Mobil's share price has come under pressure in recent months as investor sentiment shifts.
It is too early to consider this retracement as an attractive buying opportunity as short-term headwinds are to be expected.
Exxon's management continues to make the right moves from a capital allocation point of view.


Exxon Mobil: Investor Pessimism Is Creeping Up And This Is Good News For Long-Term Holders

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

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Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Chevron once again produced impressive financial results in the most recent quarter and delivered an all-around beat.</li><li>Despite 20% lower oil prices, adjusted first-quarter earnings increased by more than $200 million over the previous year.</li><li>Adjusted upstream earnings decreased due to realizations, while adjusted downstream earnings grew due to greater refining margins.</li></ul>

Chevron once again produced impressive financial results in the most recent quarter and delivered an all-around beat.Despite 20% lower oil prices, adjusted first-quarter earnings increased by more than $200 million over the previous year.Adjusted upstream earnings decreased due to realizations, while adjusted downstream earnings grew due to greater refining margins.

Chevron Corporation: Acquisition of PDC Energy As A Part Of Oil & Gas Industry Consolidation & Other Drivers

<ul><li>Chevron had a decent year in 2022, with improved financial performance, increased production of traditional energy, and progress in developing lower carbon businesses.</li><li>The company had a mixed result in the last quarter as it surpassed the revenue expectations of Wall Street but delivered lower-than-expected earnings.</li><li>The company generated decent free cash flows, surpassing its previous high in 2021 by over $15 billion, resulting in a strong dividend increase and a buyback of almost 4% of its shares.</li></ul>

Chevron had a decent year in 2022, with improved financial performance, increased production of traditional energy, and progress in developing lower carbon businesses.The company had a mixed result in the last quarter as it surpassed the revenue expectations of Wall Street but delivered lower-than-expected earnings.The company generated decent free cash flows, surpassing its previous high in 2021 by over $15 billion, resulting in a strong dividend increase and a buyback of almost 4% of its shares.

Chevron Corporation: U.S. Production Growth & Other Developments

<ul>
<li>Chevron has nearly doubled since I first laid out my investment thesis, all the while negative sentiment remained high.</li>
<li>Short-term volatility is to be expected, however, remaining focused on the long-term competitiveness of the business is more important, according to the company's chief executive.</li>
<li>Flashback to early 2021: Share prices of high-growth and technology companies are making new highs.</li>
</ul>


Chevron has nearly doubled since I first laid out my investment thesis, all the while negative sentiment remained high.
Short-term volatility is to be expected, however, remaining focused on the long-term competitiveness of the business is more important, according to the company's chief executive.
Flashback to early 2021: Share prices of high-growth and technology companies are making new highs.


Chevron: The Narrative Is Your Worst Enemy

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<ul><li>This past week the news was dominated by political midterm election results and a brewing crypto market implosion but also featured a late week rally after a surprising CPI inflation print which beat estimates on Thursday.</li><li>While pundits can posit various reasons for Thursday and Friday’s market rallies, there appears to be at least a few brewing catalysts that could carry positive momentum into 2023 which include 1) continued downside surprises in either CPI or PCE inflation data which would allow the Fed to back off its aggressive tightening campaign 2) steps leading to Chinese economy reopening reducing existing supply chain bottlenecks 3) steps leading to a ceasefire or peace agreement in Ukraine and 4) significant improvement in EU energy security situation resulting in lower EU inflation.</li><li>In the near term, it appears as of this writing that political gridlock in Washington D.C. will be upon us for the next 2 years removing the worst case scenarios of any significant market-negative legislation (i.e. tax hikes, etc.) being passed.</li></ul>

This past week the news was dominated by political midterm election results and a brewing crypto market implosion but also featured a late week rally after a surprising CPI inflation print which beat estimates on Thursday.While pundits can posit various reasons for Thursday and Friday’s market rallies, there appears to be at least a few brewing catalysts that could carry positive momentum into 2023 which include 1) continued downside surprises in either CPI or PCE inflation data which would allow the Fed to back off its aggressive tightening campaign 2) steps leading to Chinese economy reopening reducing existing supply chain bottlenecks 3) steps leading to a ceasefire or peace agreement in Ukraine and 4) significant improvement in EU energy security situation resulting in lower EU inflation.In the near term, it appears as of this writing that political gridlock in Washington D.C. will be upon us for the next 2 years removing the worst case scenarios of any significant market-negative legislation (i.e. tax hikes, etc.) being passed.

United States

Chevron Corporation is an integrated energy company with operations in countries located around the world.  The Company produces and transports crude oil and natural gas.  Chevron also refines, markets, and distributes fuels as well as is involved in chemical operations, mining operations, power generation and energy services.

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Chevron Corp (CVX US)

Exxon Mobil: Investor Pessimism Is Creeping Up And This Is Good News For Long-Term Holders

It is too early to consider this retracement as an attractive buying opportunity as short-term headwinds are to be expected.

Vladimir Dimitrov, CFA

Chevron Corporation: Acquisition of PDC Energy As A Part Of Oil & Gas Industry Consolidation & Other Drivers

Chevron once again produced impressive financial results in the most recent quarter and delivered an all-around beat. Despite 20% lower oil...

Baptista Research

Chevron Corporation: U.S. Production Growth & Other Developments

Chevron had a decent year in 2022, with improved financial performance, increased production of traditional energy, and progress in developing...

Baptista Research

Chevron: The Narrative Is Your Worst Enemy

Short-term volatility is to be expected, however, remaining focused on the long-term competitiveness of the business is more important, according...

Vladimir Dimitrov, CFA

Weekly Stock Bullfinder - Week of 11/14

This past week the news was dominated by political midterm election results and a brewing crypto market implosion but also featured a late week...

Weekly Stock Bull Finder

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