Societe Generale Reiterates Buy Rating, $126 PT on Chevron Corporation

In a report published Friday, Societe Generale reiterated its Buy rating and $126.00 price target on Chevron Corporation CVX. Societe Generale noted, “In its 4Q interim update published last night, CVX reported U.S. upstream volumes that were tracking at 676kboe/d during October and November, above our 661kboe/d 4Q estimate, led by better liquids, while international volumes were tracking at 1,986kboe/d vs. our 1,996kboe/d estimate. Crude price realizations through November were also slightly ahead of our assumptions in the U.S. in the downstream, volumes were tracking in line in the U.S. and at a modestly higher than expected pace internationally, while refining and marketing margins were above our assumptions domestically. Corporate costs were guided above the $300M-$400M typical range, implying a number above $390M SGe.” Chevron Corporation closed on Thursday at $110.47.