Oil stocks, including Chevron (NYSE:CVX) and Exxon (NYSE:XOM), have rallied this week on expectations of a major production cut by OPEC+ to maintain prices. Oil prices have fallen from the peak levels seen earlier this year due to demand concerns amid fears of an economic downturn and a strong U.S. dollar. That said, OPEC+ production cuts and the Russia-Ukraine conflict could keep supply tight and support prices. Despite the ongoing volatility, Wall Street analysts’ average price target indicates that integrated oil and gas major Chevron could see further upside even after the year-to-date rally. Moreover, the company also offers lucrative dividends.
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Chevron (NYSE:CVX)
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