Chevron Corporation
CVX
is delaying the full recovery of office employment in California and Texas due to the upturn of coronavirus cases, per a report by Reuters.
The vaccines available in the United States have been found to be highly effective in preventing critical Covid-19 cases. Although vaccine mandates are becoming more popular, corporations are delaying physical reopening due to the fast-spreading Delta variant
.
Companies like
Facebook Inc.
FB
and
Amazon.com Inc.
AMZN
have done the same as the new variant appeared to be taking hold. The Delta variant, which is a highly contagious strain of Covid-19, placed the pandemic front and center again. Hence, Chevron, like several other companies, decided to delay office reopening.
Earlier, the company planned to return employees to California offices from September. However, as the pandemic intensified, it held up the plan and is determining a revised return date for its employees by monitoring regional case rates for improvement. For Texas, it expects employees to return to their workplaces in October.
About a third of the company’s global workforce continues to work on-site in areas like service stations and offshore platforms. It said that it will adopt a hybrid model for office workers when they are on-site again, which will involve two days of remote work per week.
Company Profile & Price Performance
Headquartered in San Ramon, CA, Chevron is one of the largest publicly traded oil and gas companies. It is fully integrated, with operations all over the world.
Shares of the company have underperformed the
industry
in the past six months. Its stock has declined 5.5% compared with the industry’s 2.1% fall.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
The company currently has a Zack Rank #3 (Hold).
One better-ranked player in the energy space is
SM Energy Company
SM
, currently sporting a Zacks Rank #1 (Strong Buy). You can see
the complete list of today’s Zacks #1 Rank stocks here
.
SM Energy’s earnings for 2021 are expected to increase 1,339.22% year over year.
Tech IPOs With Massive Profit Potential
In the past few years, many popular platforms and like Uber and Airbnb finally made their way to the public markets. But the biggest paydays came from lesser-known names.
For example, electric carmaker X Peng shot up +299.4% in just 2 months. Think of it this way…
If you had put $5,000 into XPEV at its IPO in September 2020, you could have cashed out with $19,970 in November.
With record amounts of cash flooding into IPOs and a record-setting stock market, this year’s lineup could be even more lucrative.
See Zacks Hottest Tech IPOs 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