Why Is Chevron (CVX) Stock Up Today?

  • Chevron (CVX) stock is climbing on share repurchase plans.
  • The company also announced an increased quarterly dividend.
  • These news items both come ahead of Chevron’s earnings report on Friday.
CVX Stock. Chevron logo on blue sign in front of skyscraper building

Source: Jeff Whyte / Shutterstock.com

Chevron (NYSE:CVX) stock is on the rise Thursday following a new share buyback program and dividend for investors.

That new share buyback program has a total value of $75 billion and will go into effect on April 1, 2023. This has Chevron replacing the prior $25 million program, which will close on March 31, 2023. There is no set expiration date for the new buyback program.

In addition to this news, Chevron also announced an increased dividend for holders of CVX stock. The quarterly dividend is $1.51 per share, a 9 cent increase over the prior dividend. The new dividend will be payable on March 10, 2023 to shareholders on record as of Feb. 16, 2023.

CVX Stock Rallies Ahead of Earnings

Investors will also want to keep in mind Chevron’s upcoming earnings report. The oil giant is planning to release earnings results for the fourth quarter of 2022 before markets open tomorrow.

When it comes to Wall Street’s expectations, Chevron will have to beat out adjusted earnings per share of $4.38 in Q4. Analysts are also expecting the company to bring in revenue of $54.63 billion for the quarter.

As far as today’s trading volume goes, some 4.7 million shares have changed hands. That’s still below the company’s daily average trading volume of about 7.8 million shares.

CVX stock is up 3.7% as of Thursday morning.

There’s more recent stock market news traders will want to dive into below!

We’ve got traders covered with all of the hottest stock market news for Thursday! Among that is what’s happening with shares of Southwest Airlines (NYSE:LUV), Inhibikase Therapeutics (NASDAQ:IKT) and Nio (NYSE:NIO) stock today. You can learn more at the following links!

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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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