Chevron Corporation (NYSE:CVX) announced that two of its top executives will assume new roles effective Jan. 1, 2016.
Michael Wirth will become executive vice president for Midstream and Development. Wirth is currently executive vice president, Downstream and Chemicals. Pierre Breber, presently executive vice president, Gas and Midstream, will become executive vice president, Downstream and Chemicals. Both will continue to report to John S. Watson, Chevron’s chairman and chief executive officer.
“Mike and Pierre are experienced leaders, and these moves will allow both to apply their broad experience and management skills to new areas that will generate greater enterprise value,” said Watson.
In his new role, Wirth, 55, will have responsibility for corporate strategy, business development, supply and trading, gas commercialization, and the company’s midstream operating units engaged in transportation and power.
“Mike has systematically improved our downstream performance through portfolio optimization and efficiency,” said Watson. “He will now focus on Chevron’s companywide asset portfolio and strategy while leading the company’s midstream activities.”
As the head of Downstream and Chemicals, Breber, 51, will lead Chevron’s worldwide manufacturing, marketing, chemicals, lubricants and Oronite additives businesses. He also will have oversight of the company’s chemical joint venture, Chevron Phillips Chemical Company.
“Pierre has broad experience in our upstream, midstream and finance organizations. In his new role he will drive additional performance improvements to build on the success of our downstream and chemicals business.” (Original Source)
Shares of Chevron opened today at $88.21 and are currently trading up at $89.91. 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 $82.93 and its 200-day moving average is $92.07.
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 TipRanks.com, 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 -22.3% and 11.8% respectively. Gheit has a success rate of 6.4% and is ranked #3803 out of 3804 analysts, while Cheng has a success rate of 67.5% and is ranked #144.
Overall, 7 research analysts have assigned a Hold rating and 3 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 $91.00 which is 3.2% above where the stock opened today.