UBS raised the firm’s price target on Chevron (CVX) to $197 from $185 and keeps a Buy rating on the shares. The uncertainty around the Hess Corp. (HES) transaction has been a key driver of the stock’s year-to-date underperformance relative XLE, but Chevron continues to be in a catalyst rich period around the Permian, Tengizchevroil, and Gulf of Mexico developments, the analyst tells investors in a research note.
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