Chevron Corporation (NYSE:CVX) announced the successful appraisal of the Anchor discovery in the Lower Tertiary Wilcox Trend.

“The positive results of our appraisal work at Anchor indicate a significant discovery of potentially hub class scale,” said Jay Johnson, executive vice president Upstream,Chevron Corporation.

The original Anchor discovery well, located in Green Canyon Block 807, approximately 140 miles (225 km) off the coast of Louisiana in 5,180 feet of water (1,579 m), was drilled in late 2014 to a depth of 33,750 feet (10,287 m) and it encountered 690 feet (210 m) of net oil pay.

Appraisal drilling began in June 2015 and recently found 694 feet (211 m) of net oil pay. To date, Chevron has confirmed a hydrocarbon column of at least 1,800 feet (549 m) in the Lower Tertiary Wilcox reservoirs at Anchor. Complete appraisal of the field will require further delineation wells and technical studies.

“After the success of the discovery well announced earlier this year, we have pursued appraisal work to further evaluate the results and assess development alternatives to optimize value creation,” Jeff Shellebarger, President, Chevron North America Exploration and Production Company added. (Original Source)

Shares of Chevron closed yesterday at $89.79. CVX has a 1-year high of $120.17 and a 1-year low of $69.58. The stock’s 50-day moving average is $83.29 and its 200-day moving average is $92.05.

On the ratings front, Chevron has been the subject of a number of recent research reports. In a report issued on October 21, Oppenheimer analyst Fadel Gheit assigned a Hold rating on CVX. Separately, on October 12, Barclays’ Paul Cheng maintained a Hold rating on the stock and has a price target of $96.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Fadel Gheit and Paul Cheng have a total average return of -22.1% and 12.5% respectively. Gheit has a success rate of 6.8% and is ranked #3807 out of 3808 analysts, while Cheng has a success rate of 73.2% and is ranked #103.

The street is mostly Neutral on CVX stock. Out of 10 analysts who cover the stock, 7 suggest a Hold rating and 3 recommend to Buy the stock. The 12-month average price target assigned to the stock is $91.00, which represents a slight upside potential from current levels.