Citi said oil major Chevron’s discount to peers creates an attractive entry point. Analyst Alastair Syme upgraded the stock to buy from neutral. He also raised his price target to $185 from $145, indicating 15.4% upside potential from Monday’s closing price. Chevron is up just 7.5% so far this year, lagging the S&P 500’s 25% gain over the same period. Rival Exxon Mobil has also outperformed Chevron, rising 20% ​​in 2024. Huge gender gap.” CVX .SPX, A fight was fought over the ownership of the assets. If the arbitration panel rules in favor of ExxonMobil, the Chevron-Hess merger deal announced earlier this year will not close. “We believe it is this valuation gap that allows investors to view the unknown outcome of the Hess arbitration in 2025; the downside looks protected and the upside is substantial. Beyond that, Namibia’s high profile Exploration potential is also huge. Chevron’s exploration of the Tengiz field in Kazakhstan next year will also bring growth and provide “a key element of risk reduction in this growth story,” Syme said. Chevron shares rose 1% before the market opened on Tuesday. —CNBC’s Michael Bloom contributed to this report.
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