CVX - Why Chevron's Stock Is Rising Today
2023-05-23 12:26:35 ET
Seemingly unhappy with news of the PDC Energy (NASDAQ: PDCE) acquisition, investors sold off shares of Chevron (NYSE: CVX) yesterday, resulting in the stock falling about 1.8%. Today, however, the stock is headed in the opposite direction. Shares of the oil supermajor are powering higher thanks to some favorable coverage from analysts.
As of 11:48 a.m. ET, shares of Chevron have risen 3.2%.
While the decline in Chevron's stock yesterday suggests that investors aren't keen on the idea that the company is ponying up $6.3 billion to acquire all outstanding shares of PDC Energy, analysts seem to like the deal. Devin McDermott, an analyst at Morgan Stanley , hiked the price target on Chevron's stock to $198 from $192 and maintained an equal-weight rating. Like McDermott, Gordon Gray, an analyst at HSBC , has a more favorable opinion on the energy stock. Gray upgraded Chevron's stock to buy from hold and set a $189 price target.
For further details see:
Why Chevron's Stock Is Rising Today