Barclays Maintains an 'Overweight' on Chevron (CVX); Strong 3Q11 Results, Profitable Growth Outlook on Track

Barclays maintains an 'Overweight' on Chevron (NYSE: CVX) price target raised from $135 to $138.

Barclays analyst says, "CVX has been our favorite among the mega cap integrated oil companies due to its higher oil price leverage and relative valuation. The company's latest 3Q result has reinforced our belief. We estimate that CVX earned $25.9/boe in the quarter, $4.6/boe higher than its next closest competitor XOM, and ranking it as #1 among the super majors. Since 3Q09, the company has consistently ranked as one of the best in this metric with an average premium of $5.0/boe over the group's average."

For more ratings news on Chevron click here and for the rating history of Chevron click here.

Shares of Chevron closed at $109.64 yesterday.

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