Jefferies Maintains Buy on Chevron

Jefferies is out with its report today on Chevron CVX, maintaining Buy. In a note to clients, Jefferies writes, "Tengiz in Kazakhstan is one of the world's great oilfields, with estimated recoverable reserves of 9 bn boe. The field delivers twice the unit profitability of the rest of CVX's upstream portfolio, and its 50% ownership of this asset is a key reason why it remains at the head of the global majors peergroup on this measure." Jefferies maintains a $125 PT on CVX. Shares of CVX closed Wednesday at $103.25, up 0.96% from Tuesday's close.