Shares of energy giant Chevron Corporation (NYSE: CVX) are currently trading around $186, down over 10% from the all-time highs reached at the height of the recent Middle East tensions at the end of March. While that pullback might suggest the best of the move is behind it, the reality is far more nuanced.
The stock is still holding onto a significant portion of its gains from earlier in the year, and, more importantly, the underlying drivers of those gains haven’t really changed.
