Did Chevron Just Force ExxonMobil's Hand?
(NYSE: CVX) recently made a big splash. It agreed to acquire PDC Energy (NASDAQ: PDCE) in a $7.6 billion deal. The highly strategic and accretive acquisition will provide Chevron with a meaningful boost.
The deal comes amid continued rumors that ExxonMobil (NYSE: XOM) is on the prowl for a mega-oil deal. While the company has said it plans to be patient, Chevron's deal could force Exxon to move faster.
Investors weren't initially excited by Chevron's $7.6 billion deal to acquire PDC Energy, as the stock slid about 2% following the transaction announcement. Many thought Chevron would bulk up on its position in the oil-rich Permian Basin if it did a deal. While PDC Energy has land in the Permian (25,000 net acres), its primary focus area is Colorado's DJ Basin (275,000 net acres).
Source Fool.com
Chevron Corp. Stock
With 26 Buy predictions and not a single Sell prediction Chevron Corp. is an absolute favorite of our community.
With a target price of 179 € there is a positive potential of 24.6% for Chevron Corp. compared to the current price of 143.66 €.
