Bernstein analyst Bob Brackett last night downgraded Chevron to Market Perform from Outperform with a price target of $167, down from $183. The analyst worries about the direction of oil price in the coming quarters. The firm sees balance requiring a “strong and nimble OPEC hand,” but worries about their short-term track record. It reduced its oil price outlook for the next 18 months by a “modest” $5 to $75 per barrel. For Chevron shares, Bernstein sees roughly 6% upside but with the merger math of Hess Corp. (HES) shareholders receiving 1.025 shares of Chevron, a successful close yields 16% upside in Hess.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CVX:
- Leerink Partners holds an analyst/industry conference call
- Chevron price target lowered to $180 from $195 at Scotiabank
- FTC delays decision on Hess takeover by Chevron, Bloomberg reports
- FTC delays Chevron-Hess decision after Exxon arbitration, Bloomberg says
- Berkshire Hathaway Stock (NYSE:BRK.B): How Much Higher Can It Go?