Cvx

[Apex Capital]

Looks like Chevron is reaching its measured move target of the low $56.00 area.

First move down from the highs was from $66 - $60 = 6 points.
Subtract 6 from the most recent counter-trend pop up to $62.00 and you get $56.00 for the classic "measured-move".

 

[aresky]

RESEARCH ALERT-Goldman added Chevron to its conviction buy list

Oct 13 (Reuters) - Goldman Sachs upgraded Exxon Mobil Corp (XOM.N: Quote) to "buy" from "neutral" and added Chevron Corp (CVX.N: Quote) to its conviction buy list, saying the companies have particularly strong balance sheets, sustainable cash flow and lower commodity price leverage.

Analyst Arjun Murti said valuation of both the companies were compelling, following the recent sell off in their shares.

"With a $30 billion positive net cash position and ability to continue to achieve industry-leading returns on capital, Exxon should represent one of the premier 'safe-haven' stocks in the broader market," Murti said in a note to clients.

The analyst said Chevron is nearing the point at which exploration and production volumes are beginning to turn positive, which could be a key catalyst for the shares, and that the company offers an attractive cash flow yield.

http://www.reuters.com/article/marketsNews/idUSBNG11535520081013

 

[aresky]

Exxon Mobil Upped at Oppenheimer; CEO Says Share-Buyback Plan May be Adjusted
10/20/2008 1:27 PM
Keywords: XOM CVX VLO HES

Exxon Mobil (XOM: sentiment, chart, options) is up more than 6% this afternoon following an upgrade from Oppenheimer. The brokerage firm raised its opinion on XOM from "perform" to "outperform," and also upgraded 16 other stocks. Exxon's fellow Dow component Chevron (CVX) received an identical upgrade, as did Valero Energy (VLO), Sunoco (SUN), Hess Corp. (HES), and Murphy Oil (MRO), amongst others.

In other Exxon news, CEO Rex Tillerson asserted that the credit crunch isn't affecting business at the world's largest energy company (by market cap). He also noted that Exxon doesn't plan its business around $100-per-barrel oil, but that "it is too early to tell" what effect the recent slump in oil prices might have on spending. While XOM's 5-year capital expenditure plan "still looks pretty much in place," it's possible that the company's stock-buyback plan may be adjusted, Tillerson told reporters at an American Petroleum Institute conference.

http://www.schaeffersresearch.com/c...tionbytes.aspx?single=true&byteID=88560#88560"

 

[dealmaker]

Chevron profits jump 36% as crude prices rise
California's Chevron reported a $3.64 billion quarterly profit that surged up by 36 percent from the first quarter last year. Chevron's revenues grew 13 percent to $37.8 billion and Chief Executive Michael Wirth attributed the growth to rising oil prices and Chevron's increasing oil and gas production volumes. Its oil equivalent production grew 6 percent up to 2.85 million barrels a day. Wirth said oil and gas production in Chevron's expanding Permian Basin presence in West Texas grew 65 percent from last year. (Houston Chronicle)

 

[dealmaker]

CEO: Chevron, Anadarko megadeal portends billions in divestment

Chevron Corp.’s $33 billion acquisition of The Woodlands-based Anadarko Petroleum Corp. precedes a spike and acceleration in Chevron’s planned divestments. First, Chevron is moving up the date by which it plans to sell about $2 billion in assets outside the U.S., many of which had already been announced, said Mike Wirth, Chevron’s CEO and chairman. Those are now set to complete by the end of 2019, a year earlier than previously expected, Wirth said. (Dallas Business Journal)

 

[dealmaker]

Occidental challenges Chevron’s Anadarko acquisition with $57B offer

Houston-based Occidental Petroleum Corp. is publicly throwing its hat in the ring for The Woodlands-based Anadarko Petroleum Corp. The move — which was not unexpected — comes a little over a week after Anadarko agreed to be acquired by California-based Chevron Corp. for $65 per share, or $33 billion collectively. But the Chevron deal comes with a $1 billion breakup fee. (Dallas Business Journal)