CVX US has gone nowhere over the last two years after a strong run post-COVID, but while the stock does look good value at current levels, “fighting the tape” can be hard work, especially in today’s market. Hess’s huge purchase makes sense in the medium term, but the markets marked the stock lower since the announcement in October, as is often the case with the acquirer. Importantly, we believe the move enhances and extends production and fresh cash flow over the next decade.
- We like CVX but wouldn’t be surprised to see the stock test its 2022 low through the year.
MM is neutral CVX ~$US150
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