Chevron Stock Pullback Wipes Out 90% Of Hess Value, But This Bullish Analyst Says 'Buy'
Portfolio Pulse from Priya Nigam
Chevron Corporation's shares recovered slightly after a significant drop due to disappointing Q3 earnings. The drop wiped off 90% of the pre-deal value of Hess, according to BofA Securities. Analyst Doug Leggate upgraded Chevron's rating from Neutral to Buy and raised the price target from $190 to $200. Leggate believes the successful completion of the Hess acquisition would reset the investment outlook for Chevron.
October 30, 2023 | 4:01 pm
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Chevron's stock recovered slightly after a significant drop due to disappointing Q3 earnings. The company's rating was upgraded from Neutral to Buy by analyst Doug Leggate.
The recovery of Chevron's stock, coupled with the upgrade in rating and price target by analyst Doug Leggate, indicates a positive short-term impact on the company's stock. The successful completion of the Hess acquisition could further improve the investment outlook for Chevron.
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IMPORTANCE 80
RELEVANCE 100