Barclays Maintains an 'Overweight' on Chevron (CVX); Management Meeting Takeaways
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Price: $205.27 -0.24%
Rating Summary:
27 Buy, 11 Hold, 2 Sell
Rating Trend: = Flat
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, "Upstream: We continue to think the probability of a major acquisition over the next 12-18 months is below the market's expectation. Although management said CVX would not hesitate to pursue an attractive deal, any potential acquisition would represent "coring up" of a current position and would likely not be larger than the $3.2 billion Atlas acquisition...Downstream: The company continues to see value in the integrated model, citing the ability to run challenged crudes at its own refineries and application of downstream technology to upstream projects...Cash Management: Management sees value in maintaining flexibility particularly as CVX enters a 4-5 year period of long lead time, high capital intensive projects."
"Chevron remains our favorite among the mega-cap integrated oil companies given
the attractive current valuation and potential for further improvement in its already
peer leading upstream profitability from the longer-term Caspian pipeline project,
future Tengiz expansions, and oil-linked Australian LNG projects."
For more ratings news on Chevron click here and for the rating history of Chevron click here.
Shares of Chevron closed at $98.61 yesterday.
Barclays analyst says, "Upstream: We continue to think the probability of a major acquisition over the next 12-18 months is below the market's expectation. Although management said CVX would not hesitate to pursue an attractive deal, any potential acquisition would represent "coring up" of a current position and would likely not be larger than the $3.2 billion Atlas acquisition...Downstream: The company continues to see value in the integrated model, citing the ability to run challenged crudes at its own refineries and application of downstream technology to upstream projects...Cash Management: Management sees value in maintaining flexibility particularly as CVX enters a 4-5 year period of long lead time, high capital intensive projects."
"Chevron remains our favorite among the mega-cap integrated oil companies given
the attractive current valuation and potential for further improvement in its already
peer leading upstream profitability from the longer-term Caspian pipeline project,
future Tengiz expansions, and oil-linked Australian LNG projects."
For more ratings news on Chevron click here and for the rating history of Chevron click here.
Shares of Chevron closed at $98.61 yesterday.
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