Chevron shares hit record high ahead of 4th-quarter results -Breaking

© Reuters. FILE PHOTO – The Chevron Corp logo is displayed at Gastech in Chiba (Japan), April 4, 2017. REUTERS/Toru Hansai

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Sabrina Valle

HOUSTON (Reuters). – U.S. oil giant shares Chevron Corp (NYSE:) reached an all-time high Wednesday amid strong stock markets and before the publication of Chevron’s fourth quarter financial results on Friday.

After oil reached $90 per barrel on Wednesday, shares of major producers were up. This was the first time that oil has touched this level in seven years. Wall Street analysts believe that oil could reach $100 per barrel at mid-year, according to some Wall Street analysts.

Chevron shares were traded at $134.51 above their January 2018 record of $133.60 and beat the analysts’ target price. Credit Suisse (SIX) This month, the target stock price was increased to $133 by the company from $127 due to higher oil prices.

Refinitiv’s 19 survey analysts expect Chevron to earn $3.12 per share in its fourth quarter. That compares with the 20-cent loss last year.

Credit Suisse analyst Manav Gopta said in a report published this month that higher commodity prices could be beneficial for the upstream sector.

According to data from Refinitiv, analysts set an average price target at $137.29 per shares. Refinitiv polled 32 analysts and found that three of them have raised Chevron’s price target from $137.29 per share to “buy” since October.

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