June 17:
Chevron Corp.'s stock CVX, +0.67% tacked on 0.6% in premarket trade Wednesday, after the oil company was upgraded at Societe Generale, which cited significant upside potential in the share price as a lot of the bad news has already been priced in. Analyst John Herrlin raised his rating to buy from hold, while maintaining his 12-month stock price target of $115, which is 15% above Tuesday's closing price. The stock has slumped 11% year to date through Tuesday, compared with a 2.3% decline in the SPDR Energy Select Sector ETF XLE, +0.49% and a 1.8% gain in the S&P 500. The stock closed Monday at the lowest level since June 25, 2012. Issues that have weighed on Chevron's stock included weaker oil pricing, cost overrun issues in Australia and production delays resulting from platform malfunctions, Herrlin said. But with those issues in the past, Herrlin said the stock's total return potential of about 20% on the stock, including a 4.3% dividend yield, makes it attractive.
Source: http://www.marketwatch.com/story/chevron-upgraded-at-societe-generale-which-cited-significant-total-return-potential-2015-06-17
Chevron Corp.'s stock CVX, +0.67% tacked on 0.6% in premarket trade Wednesday, after the oil company was upgraded at Societe Generale, which cited significant upside potential in the share price as a lot of the bad news has already been priced in. Analyst John Herrlin raised his rating to buy from hold, while maintaining his 12-month stock price target of $115, which is 15% above Tuesday's closing price. The stock has slumped 11% year to date through Tuesday, compared with a 2.3% decline in the SPDR Energy Select Sector ETF XLE, +0.49% and a 1.8% gain in the S&P 500. The stock closed Monday at the lowest level since June 25, 2012. Issues that have weighed on Chevron's stock included weaker oil pricing, cost overrun issues in Australia and production delays resulting from platform malfunctions, Herrlin said. But with those issues in the past, Herrlin said the stock's total return potential of about 20% on the stock, including a 4.3% dividend yield, makes it attractive.
Source: http://www.marketwatch.com/story/chevron-upgraded-at-societe-generale-which-cited-significant-total-return-potential-2015-06-17
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