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Chevron Gets Two Upgrades in Two Days, Boosting Stock

Chevron Gets Two Upgrades in Two Days, Boosting Stock

Chevron got a second upgrade from analysts in as many days, with both sets of analysts saying the oil and gas company is a good defensive option. The stock was up in the early Thursday premarket.

  • Strategists at RBC led by Biraj Borkhataria lifted their price target for Chevron (ticker: CVX) to $180 from $165 and raised their rating for the stock to Outperform. On Wednesday, J.P. Morgan analysts upgraded the shares to Neutral from Underweight with a price target of $170.
  • Chevron’s stock has struggled this year after the company reported record profits in 2022, when Russia’s invasion of Ukraine sent crude prices soaring. Oil prices have since fallen back, denting the outlook.
  • Oil prices have been hit by the Federal Reserve’s aggressive interest-rate increases over the past year, though there’s some hope they will pause the campaign at the June 14 meeting.

What’s Next: RBC and J.P. Morgan said Chevron’s emphasis on upstream production and its strong balance sheet leave it well positioned for any volatility in the oil market ahead.

Chevron stock CVX stock is down 12% YTD in 2024 and almost 20% down since its all time high of $180

Brian Swint and Karishma Vanjani from Barrons