UBS Reiterates Buy Rating on Chevron (CVX)

UBS analyst Manav Gupta reiterated a Buy rating and $197.00 price target on Chevron (NYSE: CVX).

The analyst commented, "We see CVX growing earnings, cash flows, shareholder returns and improving ROCE, all the while remaining capital disciplined. Returning to strict capital discipline has been a hallmark of current management team. Management indicated that they are willing to miss out on some fringe opportunities but not willing to compromise on capital discipline. CVX has also become more efficient on how it allocates capital and believes 2-3% volume growth can be achieved by keeping spending in rage of $18-$21Bn. While some years could be higher, management has no plans of taking capital spending back to ~$25Bn levels."

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 $151.41 yesterday.

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