Morgan Stanley Rates Chevron (CVX) Overweight After Hess Deal

Chevron Corporation (NYSE:CVX) is one of the 12 Best American Energy Stocks to Buy Right Now. On August 4, Morgan Stanley analyst Devin McDermott resumed coverage of Chevron Corporation (NYSE:CVX), giving an Overweight rating and setting the price target at $174.

Morgan Stanley believes that the recent closing of the acquisition of Hess Corporation removes a key overhang for Chevron Corporation (NYSE:CVX). This deal has also strengthened the company’s business model.

The analyst pointed out that although Chevron Corporation’s (NYSE:CVX) long-term outlook is still “less clear than peers,” this uncertainty is balanced by the company’s “leading FCF rate of change into 2026.”

Chevron Corporation (NYSE:CVX) is a major American energy company that produces crude oil and natural gas. It also manufactures transportation fuels, lubricants, petrochemicals, and additives.

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Disclosure: None. This article is originally published at Insider Monkey.