Oppenheimer Positive On Chevron (CVX) On Oil Price Leverage and Financial Flexibility

Oppenheimer reiterated its Outperform and $120 price target on Chevron (NYSE: CVX) and said the target may be conservative if oil and gas prices exceed benchmark futures.

The firm notes CVX has the highest unit profit among peers, which is reflected in the high earnings sensitivity to oil prices. The raising of its dividend for the second time this year and doubling of the share buyback plan underscores the company's financial flexibility, they note.

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 $107.72 yesterday.

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