UPDATE: Oppenheimer Maintains Outperform, Raises PT to $130 on Chevron

Oppenheimer reiterates its Outperform rating on Chevron

and raises its price target to $130 from $120 based on oil prices raising higher than expected. Oppenheimer notes, "Oil & NGLs account for 69% of CVX upstream production, and 70% of this oil is produced outside the US, which is, along with LNG, priced off Brent. This high oil leverage made Chevron's E&P unit profit the highest among peers averaging $25.94/boe in 3Q11. Break-even R&M results are expected to reduce CVX 4Q11 sequentially and below consensus. An Ecuadorian court recently upheld an $18B fine against CVX, despite overwhelming evidence of corrupt judiciary, fraud and criminal misconduct by the plaintiffs' representatives, who could reap the lion's share of any future settlement." CVX closed at $107.77 per share on Thursday.