Chevron stock price target raised to $130 from $120 at UBS

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Chevron’s stock surges after profit beat offsets revenue miss

Shares of Chevron Corp. surged 1.6% in premarket trade Friday, after the oil giant beat profit expectations by a wide margin, offsetting a a revenue miss. That contrasts with the 2.1% drop in shares of rival Exxon Mobil Corp. , which missed profit expectations. Net income rose to $3.64 billion, or $1.90 a share, from $2.68 billion, or $1.41 a share, in the same period a year ago. The FactSet consensus for earnings per share was $1.48. Total revenue grew to $37.76 billion from $33.42 billion, but was below the FactSet consensus of $40.97 billion. The average sales price of crude oil per barrel rose to $56 from $45 last year, while the average sales price of natural gas per thousand cubic feet fell to $2.02 from $2.39. Total refined product sales fell 1% to 1.44 million barrels per day, as lower diesel sales offset higher jet fuel sales. Chevron shares have lost 0.8% year to date through Thursday, while the SPDR Energy Select Sector ETF has gained 3.3% and the Dow Jones Industrial Average has eased 1.6%.

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