Barclays Maintains an 'Overweight' on Chevron (CVX); 2012 Capital Budget Higher than Expected
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Price: $200.00 +1.16%
Rating Summary:
27 Buy, 11 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
27 Buy, 11 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Barclays maintains an 'Overweight' on Chevron (NYSE: CVX) price target of $138.00.
Barclays analyst says, "CVX announced its 2012 capital and exploratory budget of $32.7 billion (including $3 billion for affiliates), compared to our 2011 estimated spending of $28.2 billion (excluding the $4.5 billion related to the Atlas Energy Acquisition), or a 16% increase compared to our 2011 estimate, and a 26% increase versus the original 2011 budget of $26.0 billion. While management had previously indicated 2012 spending would be above 2011, we think the shares may nevertheless come under short-term pressure due to the significant increase in expected cash outlays of $29.7 billion (excluding equity affiliate spending), or 6% above our $28.0 billion estimate, which was likely at the high end of Street's expectations."
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 $104.52 yesterday.
Barclays analyst says, "CVX announced its 2012 capital and exploratory budget of $32.7 billion (including $3 billion for affiliates), compared to our 2011 estimated spending of $28.2 billion (excluding the $4.5 billion related to the Atlas Energy Acquisition), or a 16% increase compared to our 2011 estimate, and a 26% increase versus the original 2011 budget of $26.0 billion. While management had previously indicated 2012 spending would be above 2011, we think the shares may nevertheless come under short-term pressure due to the significant increase in expected cash outlays of $29.7 billion (excluding equity affiliate spending), or 6% above our $28.0 billion estimate, which was likely at the high end of Street's expectations."
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 $104.52 yesterday.
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