Skip to content

DD STOCK

Stock News & Forecast & Price target & Analyst Ratings & Estimates

  • Home
  • technology
  • Unnecessary
  • Health Care
  • Necessary
  • Financials
  • Energy
  • Industrials
  • Basic Materials
  • Telecommunications
  • Utilities
  • Toggle search form

Home » Chevron » CFRA Keeps Buy Opinion On Shares Of Chevron Corporation

CFRA Keeps Buy Opinion On Shares Of Chevron Corporation

Posted on October 24, 2023 By legume No Comments on CFRA Keeps Buy Opinion On Shares Of Chevron Corporation

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

CVX is buying upstream peer Hess Corporation (HES 163 ***) in an all-stock deal valued at about $58 billion. Per the deal, each share of HES will be exchanged for 1.025 shares of CVX stock. We estimate the deal at an enterprise value to 2024 EBITDA multiple of 8.1x, in line with HES’s five-year historical forward average, and only 1% above HES’s current multiple. The deal is expected to close in early 2024, and CVX views it as accretive by 2025. We like the deal for CVX both from a strategic and valuation standpoint. Strategically, CVX adds more oil exposure in long-cycle plays (Guyana), which complements CVX’s expansion in the short-cycle Permian Basin. On valuation, we are surprised at the minimal premium needed, and the lack of a cash component implies to us that CVX still has a tremendous amount of dry powder for both share buybacks and dividend hikes. Our 12-month target price remains $180 on a 6.2x EV/EBITDA multiple, in line with CVX’s historical forward average; shares yield 3.6%.

Energy Tags:Chevron

Post navigation

Previous Post: Barclays lowers Yum Brands (NYSE:YUM) price target from $140 to $126
Next Post: Morgan Stanley lowers Intuitive Surgical (NASDAQ:ISRG) price target from $330 to $300

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Archives

  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022

Categories

  • Basic Materials
  • Consumer Discretionary
  • Consumer Staples
  • Energy
  • Financials
  • Health Care
  • Industrials
  • Real Estate
  • Technology
  • Telecommunications
  • Uncategorized
  • Utilities

Recent Posts

  • Morgan Stanley raises Micron Technology (NASDAQ:MU) price target from $58.5 to $71.5
  • Intel Soon To Launch AI PC Processors
  • Buy Now Pay Later Helps Drive Online Holiday Spending, Adobe Says
  • 3M Expands Reseller Agreement With Smart Reporting to Include US
  • Analog Devices Entering Later Stages of Downcycle, Morgan Stanley Says

Recent Comments

No comments to show.

Copyright © 2023 DD STOCK.

Powered by PressBook Child WordPress theme