Chevron Corporation (NYSE:CVX) announced that its wholly-owned subsidiaries have entered into a sales and purchase agreement with Star Energy Consortium to sell Chevron’s Indonesian and Philippines Geothermal assets.
“These assets deliver reliable energy to support the needs of Asia-Pacific’s growing economies,” said Jay Johnson, executive vice president, Upstream, Chevron Corporation. “This sale is aligned with our strategy to maximize the value of our global upstream businesses through effective portfolio management.”
In Indonesia, Chevron subsidiaries operate the Darajat and Salak geothermal fields in West Java. In the Philippines, company subsidiaries have a 40 percent equity interest in the Philippine Geothermal Production Company, Inc., which operates the Tiwi and Mak-Ban geothermal power plants in Southern Luzon. (Original Source)
Shares of Chevron closed yesterday at $118.77, up $0.86 or +0.73%. CVX has a 1-year high of $119 and a 1-year low of $75.33. The stock’s 50-day moving average is $111.93 and its 200-day moving average is $104.60.
On the ratings front, Chevron has been the subject of a number of recent research reports. In a report issued on December 16, Credit Suisse analyst Edward Westlake maintained a Hold rating on CVX, with a price target of $110, which implies a downside of 7% from current levels. Separately, on December 15, Goldman Sachs’ Theodore Durbin upgraded the stock to Buy .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Edward Westlake and Theodore Durbin have a yearly average return of 17.5% and 1.7% respectively. Westlake has a success rate of 74% and is ranked #87 out of 4286 analysts, while Durbin has a success rate of 51% and is ranked #1859.
Overall, 3 research analysts have assigned a Hold rating and 7 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $118.40 which is -0.3% under where the stock closed yesterday.
Chevron Corporation is one of the world’s leading integrated energy companies. Through its subsidiaries that conduct business worldwide, the company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemicals and additives; generates power; and develops and deploys technologies that enhance business value in every aspect of the company’s operations.