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

In a report published Wednesday, Oppenheimer Holdings reiterated its Outperform rating and $130.00 price target on Chevron Corporation

. 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.