Why Chevron Stock Topped the Market on Thursday

Energy giant (NYSE: CVX) was a hit with investors on Thursday, chiefly for two reasons. The first was an uptick in oil prices, a development that usually pushes oil and gas stocks higher. The second was a bullish analyst note on the company, the second in as many days. With these tailwinds, Chevron's share price inched up by 1.7% on the day, in favorable contrast to the 0.8% drop of the S 500 index. 

Although oil prices tapered off by late afternoon, they were still up on the day. The spot price for Brent crude was up by $0.34 to nearly $83 per barrel. All else being equal, a rising price means higher profitability, particularly for global oil behemoths like Chevron.

Meanwhile, the company's stock received a price target bump from Josh Silverstein of UBS, who upped his estimate for the stock's fair value to $209 per share. Previously, he had pegged it as being worth $202. He maintained his buy recommendation.

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Source Fool.com