Goldman said that among other things, Chevron’s decisions are showing “capital discipline.”
“We are reinstating a rating on Chevron at Buy and add the stock to the Americas Conviction List following the termination of the Chevron-Anadarko signed merger agreement. Our $144 12-month P/E, EV/DACF and dividend yield based target implies 24% total return. We acknowledge that our positive view on Chevron could be met with increased investor debate and look to address the following areas of potential investor queries in this report. ”
Chevron Corp. shares were trading at $121.47 per share on Wednesday morning, down $0.17 (-0.14%). Year-to-date, CVX has gained 12.78%, versus a 14.20% rise in the benchmark S&P 500 index during the same period.
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