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Chevron Upgraded to “Outperform” at Oppenheimer (CVX)

Integrated oil giant Chevron Corporation ( CVX ) on Thursday caught a big upgrade from analysts at Oppenheimer.

The firm said it boosted its rating on CVX from "Perform" to "Outperform" with a $110 price target. That target suggests a 21% upside to the stock's Wednesday closing price of $90.57.

Oppenheimer noted that the stock's recent pullback has created an attractive buying opportunity for investors. CVX stock has fallen 17% since July 21.

Chevron shares were mostly flat in premarket trading Thursday.

The Bottom Line

Shares of Chevron ( CVX ) have a 3.44% dividend yield, based on last night's closing stock price of $90.57. The stock has technical support in the $85-$86 price area. If the shares can firm up, we see overhead resistance around the $96-$97 price levels.

Chevron Corporation ( CVX ) is not recommended at this time, holding a Dividend.com 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 .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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