Chevron Stock Rating Reaffirmed by Bank of America (CVX)
Bank of America reiterated their neutral rating on shares of Chevron (NYSE: CVX) in a research report sent to investors on Wednesday morning. The firm currently has a $130.00 price target on the stock, up from their previous price target of $125.00.
“There are two key takeaways from this years analyst update. CVX has a deep bench of assets. While current developments provide visibility thru 2017, the slate of projects likely to be sanctioned in coming years is growing to the point where the long term production outlook is falling into place. But the message from management is that spending levels will also move higher. While no precise metrics were provided, management confirmed 2014 / 15 spending will be above the ~$37bn planned for 2013. Put simply there is no short term let up in rising capital intensity. In our view this remains an overhang for the investment case.,” the firm’s analyst wrote.
Shares of Chevron (NYSE: CVX) traded down 0.31% during mid-day trading on Wednesday, hitting $119.63. Chevron has a 52 week low of $95.73 and a 52 week high of $120.26. The stock’s 50-day moving average is currently $116.4. The company has a market cap of $232.4 billion and a P/E ratio of 9.01.
A number of other analysts have also recently weighed in on CVX. Analysts at Cowen raised their price target on shares of Chevron from $129.00 to $133.00 in a research note to investors on Wednesday. They now have a buy rating on the stock. Separately, analysts at Zacks reiterated a neutral rating on shares of Chevron in a research note to investors on Monday. They now have a $124.00 price target on the stock. Finally, analysts at TheStreet reiterated a buy rating on shares of Chevron in a research note to investors on Thursday, March 7th.
Thirteen analysts have rated the stock with a buy rating, four have assigned an overweight rating, and eight have given a hold rating to the company’s stock. Chevron currently has a consensus rating of overweight and a consensus price target of $127.98.
Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in petroleum operations, chemicals operations, mining operations, power generation and energy services.
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