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Chevron (CVX) Delays Office Reopening Amid Rising Covid-19 Cases
Chevron Corporation (CVX - Free Report) 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. and Amazon.com Inc. (AMZN - Free Report) 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 - Free Report) , 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.