Chevron Corp. (CVX)

May 31, 2022Trade Ideas

Oil prices are up another $3.66 to $118.70 – ahead of summer driving season.

All after European Union leaders agreed to ban most Russian crude imports.

Making matters worse, the U.S. could see fuel shortages over the summer, and Europe could take a hit from the lack of supply, according to the International Energy Agency. They added, “Right now, oil, gas, and electricity prices are soaring on both sides of the Atlantic, leading to a cost of living crisis.”

Also, just this morning, Barclays raised its target price on CVX to $196 from $183, with an overweight rating. “The analyst updated forecasts post earnings and is above consensus on earnings but below on cash flow. Even with buyback assumptions significantly ramping, Chevron should approach 0% net debt by 2026 on strip,” said the firm, as noted by

That being said, we wouldn’t be surprised to see stocks like Chevron Corp. (CVX) push higher.

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