Chevron Corp

CVX: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$558.00	Clxkk	Lnfnyjgfdq

We're Increasing Our Fair Value Estimates for Exxon and Chevron but Continue to Prefer Exxon

Allen Good

Aug 19, 2022

Following blowout second-quarter earnings, we have increased our fair value estimates for Chevron (by 5%) and Exxon (by 6%) as we incorporate the latest financial results and updated commodity prices into our models. Exxon remains our preferred play of the two, trading at price/fair value estimate of 0.92, while Chevron trades at a premium at 1.07. Our narrow moat ratings are unchanged.

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