Market Overview

Chevron Stages Post-Earnings Rally

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Chevron Corporation (NYSE: CVX) shares are trading higher by $3.42 at $94.30 in Monday's session. The issue added $1 on Friday following a $0.33 beat for EPS on $3.5 billion more in revenues than expected.

A price target bump from $87 to $100 by Credit Suisse analyst Edward Westlake is one of the catalysts for today's rally. Also, the company announced its first production from its Lianzi Development.

After a slightly lower open, the issue quickly bottomed at $90.48 and began to move higher. So far, it has reached $94.34 and is not trading far from that level. The current high coincides with its July 22 high ($94.33).

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

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