Jan. 20, 2022
Here is the article.
Summary
- We view Chevron Corporation as best-of-breed in the energy space as it offers investors a nice combination of capital appreciation and income growth upside potential.
- Chevron is focused on returning cash to shareholders via dividend increases and share repurchases while keeping its spending (capital expenditure) levels relatively tame.
- The high end of our fair value estimate range, derived through our discounted free cash flow analysis process, sits at $175 per share of Chevron. Its share price is ~$130.
- Recent deleveraging efforts might help Chevron step up the pace of its share buybacks going forward. We're huge fans of the company's recent free cash flow improvements.
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