Most oil companies have been hit hard by low crude prices. The majors, however, have mitigated some of the impact due to diversified business lines and low costs of production. Still, Chevron (CVX) has underperformed its similarly sized peers such as Exxon (XOM), Royal Dutch Shell (RDS.A)(RDS.B), and BP (BP) over the past 12 months.
Unless you’re anticipating a big oil correction back to the likes of >$80, it’s tough to believe that Chevron is capable of growing overall shareholder value. Sure the company may skimp on future spending or sell of some assets to support the dividend, but investors will surely hurt overall. Management is currently setting up the business for a reversal in oil prices. If you’re invested in the company, you better expect the same.
Source: Guru Focus
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