Chevron shares touch record high ahead of Q4 results

The logo of Chevron Corp is seen in its booth at Gastech, the world's biggest expo for the gas industry, in Chiba

By Sabrina Valle

HOUSTON (Reuters) – Shares of U.S. oil major Chevron Corp on Wednesday touched an all-time high intraday amid a strong stock market rally and ahead of the release of Chevron’s fourth-quarter financial results on Friday.

Shares of most major producers rose after oil touched $90 a barrel for the first time in seven years on Wednesday. Some Wall Street analysts estimate oil could go further and cross $100 per barrel by mid-year.

Chevron shares traded as high as $134.71, above the previous record of $133.60 set in January 2018 before retracing some of the gain and closing at $132.69.

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.

“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.”

(Graphic: Chevron hits record high,

(Reporting by Sabrina Valle; Editing by Leslie Adler and Marguerita Choy)