Barclays Maintains an 'Overweight' on Chevron (CVX); 3Q11 Interim Update
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Price: $205.62 -0.07%
Rating Summary:
27 Buy, 11 Hold, 2 Sell
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Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
27 Buy, 11 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Barclays maintains an 'Overweight' on Chevron (NYSE: CVX) price target of $135.00.
Barclays analyst says, "We believe CVX's 3Q11 interim update (10/11/11) will have a slight negative impact on the stock. Although reported earnings are expected to be comparable to 2Q11 due to an asset sales gain and favorable FX effects, international oil and gas production through August of 1,926 mboe/d (000s boe/d) is weaker than our previous estimate of 2,036 mboe/d. That said, we expect consensus estimates will be revised upwards following the interim update in light of the indicated financial impacts."
"We increase our 3Q11 and FY 2011 operating EPS estimate to $3.64 and $13.60, versus our previous estimate of $3.35 and $13.35, respectively. This compares to consensus estimate of $3.40 and $13.57 in 3Q11 and FY 2011, respectively. We maintain our 2012 EPS estimate at $12.20 as the majority of the increase in 2011 estimate is related to non-operating impacts."
For more ratings news on Chevron click here and for the rating history of Chevron click here.
Shares of Chevron closed at $97.60 yesterday.
Barclays analyst says, "We believe CVX's 3Q11 interim update (10/11/11) will have a slight negative impact on the stock. Although reported earnings are expected to be comparable to 2Q11 due to an asset sales gain and favorable FX effects, international oil and gas production through August of 1,926 mboe/d (000s boe/d) is weaker than our previous estimate of 2,036 mboe/d. That said, we expect consensus estimates will be revised upwards following the interim update in light of the indicated financial impacts."
"We increase our 3Q11 and FY 2011 operating EPS estimate to $3.64 and $13.60, versus our previous estimate of $3.35 and $13.35, respectively. This compares to consensus estimate of $3.40 and $13.57 in 3Q11 and FY 2011, respectively. We maintain our 2012 EPS estimate at $12.20 as the majority of the increase in 2011 estimate is related to non-operating impacts."
For more ratings news on Chevron click here and for the rating history of Chevron click here.
Shares of Chevron closed at $97.60 yesterday.
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