Citigroup raised its target price on Baker Hughes to $42 from $40, and Cowen raised its target to $55 from $50 on January 11. Then on January 12 Wells Fargo raised its target to $43 from $40. Baker Hughes now has a consensus target price of $38.18.
Chevron Corp. (NYSE: CVX) was trading at $133.60 on Friday’s close, already beating its initial price targets for 2018. Now those targets are higher. 24/7 Wall St. has tracked numerous target hikes for Chevron so far in 2018. BMO Capital Markets raised its price target to $140 from $120 and raised its rating to Outperform. Wells Fargo also raised its target, to $129 from $117. Chevron was still downgraded at Merrill Lynch on January 4, but the price gain should speak for itself.
Chevron’s most recent close was up from $127.90 a week earlier and from $125.19 at the end of 2017. Its new consensus target price is $130.36.
Exxon Mobil Corp. (NYSE: XOM) also already has surpassed its consensus price target for all of 2018 in just the first two weeks. Last seen trading at $87.50, Exxon now has a consensus target price of $87.09, and frankly it feels like the target price hikes are still rather muted considering that this is way off of old highs. Exxon was a $86.75 per shares stock a week earlier and trading at $83.64 as of the end of 2017.
The big call on Exxon came from Merrill Lynch on January 4, when the firm’s big Buy rating came with a price target raised to $100 from $98. That’s a high among the largest brokerage firms on Wall Street. BMO Capital Markets raised its target price to $85 from $80 on January 11, and on the same day Wells Fargo raised its target to $88 from $84. At the end of 2017, Scotia raised its target to $94 as a Focus Stock for 2018.
Halliburton Co. (NYSE: HAL) was a tad lower on Friday, closing at $53.14, but it’s up from $51.82 a week earlier and is even further from the $48.87 close at the end of 2017.
Wells Fargo raised Halliburton’s target to $58 from 456 with an Outperform rating on January 12, and Cowen raised its target price to $55 from $50. Deutsche Bank raised its target to $56 from $54 on January 11. On January 5, Susquehanna raised its target to $60 from $56, and Citigroup raised its target to $59 from $54 on the same day. On January 4, Jefferies reiterated its Buy rating and took its target up to $57 from $51.
Occidental Petroleum Corp. (NYSE: OXY) ended last week at $76.53, up from $74.55 a week earlier and from the $73.66 2017 close-out price. Wells Fargo raised its price target to $87 from $77 with an Outperform rating on January 11. Goldman Sachs also reiterated its Buy rating on Occidental on January 11. On January 4, Merrill Lynch reiterated its Buy rating and raised its price objective from $79 to $80.
Schlumberger Ltd. (NYSE: SLB) is the king of oilfield services. At $77.97 on last look, its shares were up from $73.60 just a week earlier and $67.39 at the end of 2017. Wells Fargo raised its target to $83 from $72 with an Outperform rating on January 12, while on January 11 Cowen raised its rating to $85 from $80 and Deutsche Bank raised its target to $78 from $75. And on January 5, Citigroup raised its target to $80 from $76 with a Buy rating and Susquehanna raised its target to $84 from $79 with its Positive rating.
Valero Energy Corp. (NYSE: VLO) may be on the refining side of the energy sector, but at $96.75, it is up from $91.91 at the end of 2017. On January 11, Raymond James raised its target to $100 from $94 and Wells Fargo raised its target to $105 from $97. Morgan Stanley also lifted its target higher on the same day to $100 from $85. The largest Valero call came from Barclays on January 9, its target raised to $125 from $108. Valero’s consensus target price has jumped up to $93.05 on last look, up from $86 last month and from $78 in mid-October.
Additional analyst calls in the oil and gas sector follow.