Shares of US oil giant Chevron hit a record high on Wednesday ahead of Chevron’s fourth-quarter earnings announcement on Friday amid a strong backlash in the stock market.
After oil reached $ 90 a barrel for the first time in seven years on Wednesday, the share of most major producers has risen. Some Wall Street analysts estimate that oil could go further and exceed $ 100 a barrel by mid-year.
Chevron shares traded as high as $ 134.51, above the previous record of $ 133.60 set in January 2018 and above the target price set by some analysts. Credit Suisse raised its share price target from $ 127 to $ 133 this month due to rising oil and gas prices.
Chevron, the second largest oil producer in the United States, is expected to make a profit per share of $ 3.12 in the fourth quarter, according to 19 investment analysts surveyed by Refinitiv.
“Increased commodity prices will be a big plus for the upstream sector,” Credit Suisse analyst Manaf Gupta said in a report this month.
Analysts have set an average price target of $ 137.29 per share, according to Refinitiv data. Three of the 32 analysts polled by Refinitiv have upgraded chevron from “pending” to “purchasing” since October.
(Report by Sabrina Valle, edited by Leslie Adler)
https://www.oedigital.com/news/493828-chevron-shares-hit-record-high-ahead-of-q4-results Chevron shares hit record highs ahead of the fourth quarter