Business: Chevron shares hit record ahead of Q4 results

Chevron, the second-largest U.S. oil producer, is expected to post earnings per share of $3.12 in the fourth quarter, according to 19 investment analysts polled by Refinitiv, compared with a 20-cent loss a year ago.

Shares of U.S. oil major Chevron Corp CVX.N on Wednesday contacted a record-breaking high intraday in the midst of a strong stock exchange rally and in front of the arrival of Chevron’s final quarter financial outcomes on Friday. Shares of most major makers rose after oil LCOc1 contacted $90 a barrel for the first time in seven years on Wednesday. A few Wall Street experts gauge oil could go further and cross $100 per barrel by mid-year. Chevron shares exchanged as high as $134.71, over the past record of $133.60 set in January 2018 preceding remembering a some of the gain and closing at $132.69.

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“Higher commodity prices would be a major positive for upstream segment,” Credit Suisse analyst Manav Gupta wrote in a report this month.

Analysts on average set a price target of $137.29 per share, according to Refinitiv data. Three out of 32 analysts polled by Refinitiv have upgraded Chevron since October from “hold” to “buy.”

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