Big Oil & Gas Names Chevron, Hess, Exxon Mobil Shares Up Today: What's Going On?
Portfolio Pulse from Lekha Gupta
Bernstein analyst Bob Brackett revised ratings on several oil majors following their earnings release. Exxon Mobil Corp (XOM) was reiterated at Outperform with a lowered price target of $139.00. Chevron Corp (CVX) was upgraded to Outperform with a lowered price target of $182. Hess Corp (HES) was downgraded to Market Perform with a reduced price target of $166. The analyst sees the Pioneer Natural Resources Co (PXD) acquisition as beneficial for XOM and the HES acquisition as more strategic for CVX.
November 02, 2023 | 7:45 pm
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POSITIVE IMPACT
Chevron Corp's rating was upgraded to Outperform with a lowered price target of $182. The analyst sees the Hess Corp acquisition as more strategic for CVX.
The analyst's upgrade of CVX's rating to Outperform, despite a slight lowering of the price target, indicates a positive outlook. The acquisition of HES is seen as strategic, which could potentially enhance CVX's future performance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Exxon Mobil Corp's rating was reiterated at Outperform with a lowered price target of $139.00. The analyst sees the Pioneer Natural Resources Co acquisition as beneficial for XOM.
The analyst's reiteration of XOM's Outperform rating, despite a slight lowering of the price target, suggests a positive outlook. The acquisition of PXD is seen as beneficial, which could potentially boost XOM's performance in the future.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Hess Corp's rating was downgraded to Market Perform with a reduced price target of $166. The analyst sees the company's acquisition by CVX as strategic.
The analyst's downgrade of HES's rating to Market Perform and a reduced price target suggests a neutral to negative outlook. However, the acquisition by CVX is seen as strategic, which could potentially impact HES's future performance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100