Analysts are Revising Ratings for These 5 Commodity Stocks

2. Chevron Corporation (NYSE:CVX)

Number of Hedge Fund Holders: 53

Chevron Corporation (NYSE:CVX) received an upgrade from Societe Generale on Thursday, August 4, 2022. The research firm raised its ratings for the energy giant from “Hold” to “Buy” and lifted its price target for the stock from $175 per share to $190 per share.

Societe Generale analyst Irene Himona referred to Chevron’s Q2 earnings that beat consensus with a big margin. Chevron Corporation (NYSE:CVX) recently delivered solid financial results for the second quarter, driven by higher prices of oil and natural gas during the quarter.

Chevron Corporation (NYSE:CVX) reported adjusted earnings of $5.82 per share on revenue of $68.76 billion. On the other hand, analysts expected Chevron Corporation (NYSE:CVX) to earn $5.10 per share on revenue of $59.29 billion.