Dahlman Rose Reiterates Buy Rating, $120 PT on Chevron Corporation
In a report published Wednesday, Dahlman Rose & Co. reiterated its Buy rating and $120.00 price target on Chevron Corporation (NYSE: CVX).
Dahlman Rose noted, “CVX has agreed to buy a 50% interest in the proposed Kitimat LNG export terminal and its associated Pacific Trail Pipelines Project, along with stakes in two large shale gas fields in Western Canada. CVX is buying out the 30% stakes held by Encana and EOG and then selling 10% to Apache, to make CVX and APA 50-50 partners in the LNG project. The two partners will also control 644,000 acres in two gas-rich plays (Horn River and Liard Basins). CVX will operate the pipeline, LNG terminal, and market the gas to Asian buyers, with APA operating the gas drilling program. The deal is subject to regulatory reviews and is expected to close in 1Q13.The Kitimat LNG project (2 trains, 10 Mtpa capacity) is currently in the FEED (front-end engineering and design) phase with an estimated startup in 2017.”
Chevron Corporation closed on Monday at $108.63.
Latest Ratings for CVX
|Nov 2014||Raymond James||Downgrades||Strong Buy||Outperform|
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