Jefferies Covers 2Q11 at Chevron

Jefferies has published a report on Chevron CVX reporting positive Q2 results. In the report, Jefferies wrote, "Chevron continues to operate in the sweet spot in the global integrated sector; with its volumes dominated by oil, it remains highly leveraged to our positive outlook for the commodity. Although its production growth is fairly longdated, it is delivering sector-leading profitability from its existing assets, while its world-class project portfolio is being developed. Chevron reported 2Q 11 earnings of US$7.7bn, an increase of 43% YoY, which beat consensus by 6% and our estimate by 9%, reflecting higher oil prices and improved refining margins." Jefferies rated Chevron a BUY with a price target of $125.00. Chevron closed Friday at $104.02.