Market Overview

Oppenheimer Holdings Reiterates Outperform Rating, $130 PT on Chevron Corporation

Share:
Related CVX
Wall Street's M&A Chatter From March 10-12
Diverse, Efficient Energy Sector Exposure
US Market Indexes Gain on Wednesday (GuruFocus)

In a report published Wednesday, Oppenheimer Holdings reiterated its Outperform rating and $130.00 price target on Chevron Corporation (NYSE: CVX).

Oppenheimer Holdings noted, “CVX has the highest exposure to crude oil prices as well as the highest unit profit among its peers of major oil companies, which helped its shares outperform the group and the S&P 500 in the last 5-and 10-year periods. However, several operating issues and legal setbacks have depressed the stock in recent months. With $22 billion in cash, the largest in the industry--double its debt and 10% of its market value--we are intrigued by the company's recent shelf registration, which leads us to think that CVX may be prepared to make a large acquisition of a highly leveraged company and needs the additional cash to wipe out this high cost debt. Our new estimates reflect a lower commodity price outlook.”

Chevron Corporation closed on Tuesday at $105.28.

Latest Ratings for CVX

DateFirmActionFromTo
Jan 2017HSBCDowngradesBuyHold
Jan 2017Bank of AmericaUpgradesNeutralBuy
Dec 2016MacquarieUpgradesOutperform

View More Analyst Ratings for CVX
View the Latest Analyst Ratings

Posted-In: Oppenheimer HoldingsAnalyst Color Reiteration Analyst Ratings

 

Related Articles (CVX)

View Comments and Join the Discussion!