CFRA Keeps Buy Opinion On Shares Of Chevron Corporation

/ / Energy /

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

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McDonald’s and Chipotle Seen Outperforming Dining Sector

/ / Consumer Discretionary /

McDonald’s and Chipotle, the giants of fast food and fast-casual dining, appear to be outperforming the rest of the dining sector as rising prices have consumers eating out less, foot-traffic data firm Placer.ai says in a new report. While McDonald’s saw a 3.7% drop in visits in September, that’s still better than the 4.2% drop for the overall dining sector, according to Placer.ai data. Chipotle visits were actually up 4.7% in September, though visit growth has been trending down, the report says. McDonald’s is leaning into its role as a rural dining destination with an affordable menu, while Chipotle is doing the same as a suburban destination for higher-income individuals, the report says.

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