Chevron (CVX) Completes Hess Deal, UBS Reaffirms Buy Rating

Chevron Corporation (NYSE:CVX) ranks among the best non-tech stocks to buy according to billionaires. UBS has reaffirmed its Buy rating and $177 price target on Chevron Corporation (NYSE:CVX) following the completion of the Hess deal.

Chevron (CVX) Completes Hess Deal, UBS Reaffirms Buy Rating

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On July 21, Chevron Corporation (NYSE:CVX) announced that it had completed the Hess acquisition with a decision in favor of the Guyana Stabroek Block Arbitration Hearing by the International Chamber of Commerce. According to UBS, the merger boosts Chevron’s projected five-year growth rates for production and free cash flow while improving the company’s growth forecast clarity.

Additionally, UBS believes Chevron’s next major trigger for the stock will be its upcoming Analyst Day on November 12; the briefing is expected to center on its newly acquired Hess assets.

Chevron Corporation (NYSE:CVX), based in San Ramon, California, is a major American global energy company that specializes in the oil and gas industry. Founded as the Standard Oil Company of California, it is the second-largest direct descendant of Standard Oil.

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