Oil prices are gushing higher again. Last checked, crude was up $1.22 to $74.13. All after Saudi Arabia said, “short sellers – those betting prices will fall – should ‘watch out’ for pain.” Some investors are taking that as a sign that OPEC+ may be considering further output cuts at its next meeting on June 4. Plus, we have to consider that with summer around the corner, we’ll also see a pickup in oil demand, as folks travel. One of the oil names that could push higher is Chevron (CVX), which is starting to pivot from major support. In fact, from CVX’s current price of $156.85, we’d like to see it closer to $170, near-term.
Analysts at Mizuho also just raised their price target on CVX to $202 from $196 a share. Morgan Stanley raised its target to $198 from $192. And HSBC upgraded CVX to a buy rating Even analysts at CFRA just upgrade the stock to a buy with a $172 price target.