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One Oil Stock Gets a 5-Year 'Buy' Rating: Energy Analyst

Friday, 30 Oct 2009 | 2:53 PM ET

Despite posting a 51 percent decline in profit Friday, Chevron's 11-percent increase in oil production offers an opportunity to investors, said Phil Weiss, senior energy analyst at Argus Research.

Chevron Earnings Reaction
Phil Weiss, energy analyst at the Argus Research Company, shares his reaction to Chevron's quarterly results.

"Today's result was a really good one on the production side," Weiss said.

"They beat expectations pretty strongly there [and have] a good mix of oil — it looks pretty good."

Weiss said he expects the second-largest oil company to continue with exploration, citing a big, upcoming project in Australia. Chevron is his favorite name in the oil sector, and he's placed a five-year buy rating on the stock.

As for oil prices, Weiss said he thinks they're too high, and that they will average out at around $68 next year.

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CNBC Data Pages:

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Other Oil Stocks:

Exxon Mobil

Royal Dutch Shell

BP

ConocoPhillips

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Disclosures:

Members of Weiss' family own shares of either Chevron or Exxon Mobil.

Disclaimer

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