Chevron (CVX:NYE), a major energy firm, has halted production at its Benchamas field oil field in the Gulf of Thailand following a deadly accident.
A crew man was killed when seawater spilled into the hull of an oil storage vessel during the event. Yet, Chevron has assured the public that the event had no negative environmental effects.
The Benchamas field produces roughly 13,000 barrels of oil and 45 million cubic feet of natural gas per day. Even though the business has ceased production in the field, authorities are constantly monitoring the vessel to prevent an oil disaster.
Despite the recent 6.7% fall in Chevron stock price over the past month, the Street has assigned the business a consensus price target of $190.88, indicating a possible upside of 24.3% for the stock.
Chevron Stock Forecast:
Based on the Chevron stock forecast from 24 analysts, the average analyst target price for Chevron Corp is USD 190.88 over the next 12 months. Chevron Corp’s average analyst rating is Buy.
Stock Target Advisor’s own stock analysis of Chevron Corp is Neutral, which is based on 5 positive signals and 5 negative signals. At the last closing, Chevron stock price was USD 152.34. Chevron Corp’s stock price has changed by -4.59% over the past week, -6.45% over the past month, and -5.81% over the last year.
Chevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream.
The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and processing, transportation, storage, and marketing of natural gas, as well as a gas-to-liquids plant.
The Downstream segment refines crude oil into petroleum products; markets crude oil, refined products, and lubricants; manufactures and markets renewable fuels; transports crude oil and refined products by pipeline, marine vessel, motor equipment, and rail car; and manufactures and markets commodity petrochemicals, plastics for industrial uses, and fuel and lubricant additives.
The company was formerly known as ChevronTexaco Corporation and changed its name to Chevron Corporation in 2005. Chevron Corporation was founded in 1879 and is headquartered in San Ramon, California.