Jump to content
  • Sign Up
×
×
  • Create New...

Citi upgrades Chevron, says oil giant is trading at a discount to rival Exxon Mobil


Recommended Posts

  • Diamond Member

This is the hidden content, please

Citi upgrades Chevron, says oil giant is trading at a discount to rival Exxon Mobil

Oil giant Chevron’s discount relative to peers has created an attractive entry point, according to Citi. Analyst Alastair Syme upgraded shares to buy from neutral. He also raised his price target to $185 from $145, indicating 15.4% upside potential from Monday’s close. Chevron is up just 7.5% year to date, lagging the S & P 500’s 25% advance in that time. Rival Exxon Mobil has also outperformed Chevron, up 20% in 2024. Syme forecasts the valuation gap between Chevron and Exxon Mobil to reach “a historically wide gap” of 20% as soon as 2026. CVX .SPX,XOM YTD mountain Chevron versus the S & P 500 and ExxonMobil in 2024 Syme cited Chevron’s relative stock weakness to the company’s ****** with ExxonMobil regarding ownership of Hess’ oil assets in Guyana . If the arbitration panel rules in favor of Exxon, Chevron’s merger deal with Hess, announced earlier this year, will not close. “It is this valuation gap that we think positions investors to take a view around the unknown outcome of the Hess arbitration in 2025; the downside looks protected, the upside is significant. Added to that is the potential of high-impact exploration in Namibia in the coming months,” Syme wrote in a Tuesday note. Chevron’s exploration of the Tengiz Field in Kazakhstan next year will also deliver on growth and provide a “critical element of de-risking in this growth story,” per Syme. Shares of Chevron rose 1% Tuesday before the bell. —CNBC’s Michael Bloom contributed to this report.



This is the hidden content, please

#Citi #upgrades #Chevron #oil #giant #trading #discount #rival #Exxon #Mobil

This is the hidden content, please

This is the hidden content, please

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Vote for the server

    To vote for this server you must login.

    Jim Carrey Flirting GIF

  • Recently Browsing   0 members

    • No registered users viewing this page.

Important Information

Privacy Notice: We utilize cookies to optimize your browsing experience and analyze website traffic. By consenting, you acknowledge and agree to our Cookie Policy, ensuring your privacy preferences are respected.