Upgrade Alert for Chevron (CVX)
Chevron (NYSE:CVX) was upgraded from Outperform to Strong Buy at Raymond James today. The stock closed yesterday at $111.14 on volume of 11.2 million shares, above average daily volume of 5.6 million.
In the past 52 weeks, Chevron share prices have been bracketed by a low of $110.54 and a high of $127.83 and closed yesterday at $111.14, 1% above that low price. The 200-day and 50-day moving averages have moved 0.03% lower and 0.39% lower over the past week, respectively.
Chevron Corporation is an integrated energy company with operations in countries located around the world. The Company produces and transports crude oil and natural gas. Chevron also refines, markets, and distributes fuels as well as is involved in chemical operations, mining operations, power generation and energy services.
Chevron has overhead space with shares priced $111.14, or 16.1% below the average consensus analyst price target of $132.42. The stock should run into initial resistance at its 50-day moving average (MA) of $121.16 and subsequent resistance at its 200-day MA of $121.55.
SmarTrend recommended that its subscribers protect gains by selling shares of Chevron on January 10th, 2014 by issuing a Downtrend alert when the shares were trading at $121.61. Since that call, shares of Chevron have fallen 8.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Keywords: analyst upgrades/downgrades Chevron