Chevron Corporation (NYSE:CVX) has just named Clay Neff president of Chevron Africa and Latin America Exploration and Production, effective January 1, 2017.
Neff, 54, succeeds Ali Moshiri, who will retire from Chevron after 38 years of distinguished service, effective April 1, 2017, consistent with the company’s mandatory retirement policy. Neff, who is currently managing director of Chevron’s Nigeria Mid-Africa Business Unit, will oversee Chevron’s exploration and production activities in 15 countries across Africa and Latin America. In his new role, Neff will report to Jay Johnson, Chevron’s executive vice president, Upstream.
In his current role, Neff is responsible for Chevron’s upstream operations in Nigeria and West Africa. He received his Bachelor’s degree in Petroleum Engineering from Louisiana State University in 1984 and joined Chevron the following year as a drilling engineer. Since then, he has held numerous engineering, operations, commercial and management positions of increasing responsibility in the United States, Angola and Nigeria. Mr. Neff is also the chairman of the board of trustees for the Foundation for Partnership Initiatives in the Niger Delta (PIND), chairman of the Oil Producers Trade Section of the Lagos Chamber of Commerce & Industry, and a member of the Society of Petroleum Engineers.
Over the course of his career, Moshiri has developed significant operational and international experience. He has held key leadership roles throughout the enterprise, including manager of Petroleum and Facilities Engineering, general manager of Strategic Planning and Assets Evaluation for Chevron Overseas Petroleum, general manager and advisor to the vice chairman of the board of Chevron Corporation Exploration and Production, and managing director of Chevron Latin America Exploration and Production Company.
“Clay’s broad operating experience, particularly in Africa, makes him highly qualified to lead these two key regions for our business,” said John Watson, Chevron’s chairman and CEO.
Commenting on Moshiri’s retirement, Watson said, “Ali has played a central and critical role in growing our business in Africaand Latin America. He has also distinguished himself as a champion of Chevron’s commitment to economic and social development in the areas in which we operate.” (Original Source)
Shares of Chevron are currently trading at $114.83, up $3.27 or 2.93%. CVX has a 1-year high of $114.74 and a 1-year low of $75.33. The stock’s 50-day moving average is $101.57 and its 200-day moving average is $101.33.
On the ratings front, Chevron has been the subject of a number of recent research reports. In a report issued on November 14, CLSA analyst Asit Sen assigned a Buy rating on CVX, with a price target of $127, which represents a potential upside of 13% from where the stock is currently trading. Separately, on November 1, Morgan Stanley’s Evan Calio upgraded the stock to Buy and has a price target of $130.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Asit Sen and Evan Calio have a yearly average return of 1.4% and a loss of 2.5% respectively. Sen has a success rate of 63% and is ranked #1882 out of 4243 analysts, while Calio has a success rate of 49% and is ranked #3424.
Sentiment on the street is mostly bullish on CVX stock. Out of 10 analysts who cover the stock, 7 suggest a Buy rating and 3 recommend to Hold the stock. The 12-month average price target assigned to the stock is $120.00, which implies an upside of 6% from current levels.