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Dahlman Rose Upgrades Chevron (CVX)

12/6/2012 9:00:00 AM
Referenced Stocks:CVX

Dahlman Rose reported on Thursday that they have upgraded energy company, Chevron Corporation( CVX ) to a "Buy."

The firm reported that they have upgraded CVX from a "Hold" to a "Buy," and have given the company a price target of $120. This price target suggests a 11% increase from the stock's current price of $105.99.

Analysts have upgraded the company due to their expectations on the Gorgon LNC project, which is expected to by in line with estimated costs.

Chevron shares were mostly flat during premarket trading Thursday. The stock is down -1.16% YTD.

The Bottom Line
Shares of Chevron Corporation ( CVX ) have a 3.42% dividend yield, based on last night's closing stock price of $105.17. The stock has technical support in the $100-$101 price area. If the shares can firm up, we see overhead resistance around the $110-$111 price levels.

Chevron Corporation( CVX )is not recommended at this time, holding a DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .