Chevron gains on bullish analyst sentiment, higher oil prices

PDC Energy

23/05/2023 16:41

(Updates)
    ** Shares of oil major Chevron Corp  CVX.N  up 3% at $157.04
amid gains in energy sector  
    ** Brokerage Truist Securities raises PT to $194 from $190
and maintains "hold" rating
    ** The new PT represents a 25.7% upside to stock's last
close
    ** HSBC raises CVX to "buy" from "hold"
        ** Brent crude  LCOc 1 up 1.5% and U.S. West Texas
Intermediate (WTI) crude  CLc1  gains 1.6%
  
    ** On Monday, CVX acquired shale producer PDC Energy Inc
 PDCE.O  in a stock-and-debt transaction worth $7.6 bln
    ** Truist sees the deal to be accretive on all metrics for
CVX   
    ** Truist believes CVX's $100 mln suggested synergies could
be materially low and anticipates potentially three-times more
given the operational and administrative savings
    ** 15 of 29 brokerages rate the stock "buy" or higher, 12
"hold" and 2 "sell" or lower; their median PT is $194 -
Refinitiv data
    ** Up to last close, stock had fallen ~15%

 (Reporting by Ankit Kumar)
 ((Ankit.Kumar2@thomsonreuters.com))