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Here's Why Chevron (CVX) Stock is Gaining Today
Energy giant Chevron (CVX - Free Report) is gaining Monday, up around 3.5% to $119 per share in midday trading.
Credit Suisse upgraded Chevron after the company raised its outlook for oil and gas production on Friday. The investment bank now rates CVX at outperform compared to neutral, and maintained its price target of $138.
Chevron “continues to execute on its already superior growth outlook,” said the firm in a note. Its Q3 earnings topped Wall Street expectations thanks to rising crude oil prices and record production.
Monday’s jump brings CVX’s two-day gain to about 7% so far. The stock is down 5% since January.
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