Chevron stock price hovers at $151.06 as investors await upcoming drilling results from the Permian Basin. Positive yield figures from this asset historically act as catalysts for share price movements. USC professor Shon Hiatt said that if the Chevron facility goes offline, it will join three other California refineries closing in the next six months. From a valuation perspective — in terms of forward price-to-earnings ratio — Chevron is trading at a premium compared with the industry average. The stock is also trading above its five-year mean of 11.86. After a sharp rally, Chevron stock price eased to $150.78 as profit-taking hit large-cap energy names. Chart analysis points to an RSI of 63, indicating the stock is inching toward overbought territory. Institutional buying volume remains intact, a positive signal for near-term performance.