J.P. Morgan Updates On XOM And CVX Analyst Meetings

J.P. Morgan issued a report following their attendance at the 2011 analyst meetings for Exxon Mobile Corporation XOM and Chevron Corporation CVX. J.P. Morgan writes, "We believe that N-rated XOM and N-rated COP are favorably positioned relative to N-rated CVX, with XOM positioned to deliver the healthiest near-term production growth at a relatively lower level of capital intensity, and COP favorably positioned to attract yield-oriented capital with a total cash yield of >9% via dividends and repurchases. By contrast, we believe that low near-term growth and increasing levels of capital spending at CVX may deter investors in the near-term, until the market begins to look to 2014, when we expect the project queue will deliver the next major uptick in production." CVX has a $93 PT and is rated Neutral. CVX closed at $102.80 yesterday. XOM has a $78 PT and is rated Neutral. XOM closed at $80.85 yesterday.