In a note to clients, Citigroup (NYSE:C) said it is maintaining its "Buy" rating on Chevron Corp. (NYSE:CVX), as well as its price target.
Citigroup's Faisel Khan said, "LNG contract prices have been falling and customers are demanding higher equity stakes in projects. Despite, falling prices, we estimate per unit profitability from CVX's Australia portfolio will be accretive to current margins. We reiterate our Buy rating and $98 target."
In separate news, Chevron CEO John Watson said he believes the Gulf oil moratorium put in place by the Obama administration in response to the BP (NYSE:BP) oil spill will probably be lifted soon.
In afternoon trading, Chevron was at $83.68, gaining $0.29, or 0.35 percent as of 2:39 PM EDT.
Guns And Ammo Sales Soar As Debate Rages
5 days ago