Chevron (CVX) Gets a Buy Rating from Jefferies


Jefferies analyst Jason Gammel maintained a Buy rating on Chevron (CVX) on August 3 and set a price target of $108.00. The company’s shares closed last Monday at $89.73.

According to TipRanks.com, Gammel is a 1-star analyst with an average return of -1.1% and a 49.7% success rate. Gammel covers the Utilities sector, focusing on stocks such as Occidental Petroleum, Conocophillips, and Exxon Mobil.

Currently, the analyst consensus on Chevron is a Strong Buy with an average price target of $106.54, a 21.2% upside from current levels. In a report issued on July 23, Truist Financial also initiated coverage with a Buy rating on the stock with a $120.00 price target.

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Based on Chevron’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $15.93 billion and GAAP net loss of $8.27 billion. In comparison, last year the company earned revenue of $36.32 billion and had a net profit of $4.31 billion.

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Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of exploration, development, and production of crude oil and natural gas; liquefaction, transportation, and regasification associated with liquefied natural gas; transporting crude oil by major international oil export pipelines; processing, transporting, storage, and marketing of natural gas; and a gas-to-liquids plant. The Downstream segment comprises refining of crude oil into petroleum products; marketing of crude oil and refined products; transporting of crude oil and refined products by pipeline, marine vessel, motor equipment, and rail car; and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses, and fuel and lubricant additives. The company was founded in 1906 and is headquartered in San Ramon, CA.

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