Bernstein Upgrades Chevron (CVX) to Outperform, 'Permian clean up on aisle 5'

Bernstein analyst Bob Brackett upgraded Chevron (NYSE: CVX) from Market Perform to Outperform with a price target of $182.00 (from $184.00).

The analyst comments "Chevron upgraded on obvious catalysts... Permian clean up on aisle 5. Volumes sequentially down in 3Q but guided up in 4Q amidst a barrage of issues that veered toward mundane rather than impactful. Kazakh Kitchen Sink. A second reset on TCO capex as we approach production in our view must be a conservative guide and a clearing of expectations for a project this mature. Refining reversals. Much of the miss was timing and in which quarter the value is accounted for is less critical for us. Joining the HES fan club. We're card carriers and as CVX communicates the value of HES growth to its value oriented shareholders, more will join. We expect geopolitical tensions wane and a return of CVX Israeli gas."

For an analyst ratings summary and ratings history on Chevron click here. For more ratings news on Chevron click here.

Shares of Chevron closed at $143.98 yesterday.

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