Energy major Chevron (NYSE:CVX) has initiated the process of selling its energy assets in Congo, according to Reuters.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
The company is undertaking the move to channel its focus on other avenues that offer more profitable output. Reportedly, Chevron has already received bids for the assets and the sale could help the company rake in $1.5 billion.
Chevron has been seeing lower output in Congo, has already divested oil assets in Nigeria and now looking for resources in Namibia.
Overall, the Street has a $188.78 consensus price target on Chevron alongside a Moderate Buy consensus rating. Shares of the company have dropped nearly 8.7% over the past month.
Read full Disclosure
