The recent pullback in oil prices leaves energy stocks trading at attractive valuations, making now a good time to buy Chevron, HSBC says.
The recent pullback in oil prices leaves energy stocks trading at attractive valuations, making now a good time to buy Chevron , HSBC said Wednesday. Analyst Gordon Gray upgraded shares of the energy company to buy from hold, saying in a note to clients that Chevron is trading at one of the most attractive levels in the space. "Chevron's stock has been one of the worst performers in the group in the past month, reversing some of its previous outperformance," Gray said.
Meanwhile, the company's high leverage to crude oil prices could make for strong cash flows. "Chevron is one of the most leveraged stocks in the sector to improvements in crude prices and its dividend is well supported, but we think positive news flow on share buybacks is now largely discounted in valuations," Gray wrote. Shares of Chevron have surged more than 23% this year as the world grapples with an oil supply crunch and record-high gas prices amid the war in Ukraine.
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