Chevron Corp. has asked its employees globally to remove Tencent Holdings Ltd.’s WeChat application from their work phones, Bloomberg reported on Wednesday citing an internal memo issued by the US oil major.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
With this move, Chevron has become the first US companies to respond to President Donald Trump administration’s order banning the app due to national security risks.
According to Bloomberg, Chevron (CVX) has identified the Chinese social media app as a “non-compliant application.” The US energy giant has instructed its employees to delete the app before September 27 or face disconnection from the company’s network.
The memo states, “Due to a recent Executive Order banning the use of WeChat, Chevron is requiring that you remove the application from your mobile device.” The memo also identifies the operating system and model of each employee’s phone. (See CVX stock analysis on TipRanks).
On September 11, Morgan Stanley analyst Devin McDermott reiterated his Buy rating on the stock saying that the acquisition of Noble Energy by Chevron remains a compelling transaction for both the companies. McDermott reaffirmed his price target of $107.89 (50% upside potential).
Overall, the Street has a bullish outlook on the stock. The Strong Buy analyst consensus is based on 7 Buys and 2 Holds. The average price target of $107.89 implies upside potential of approximately 50% to current levels. That’s after shares declined 40.3% this year.
Related News:
Alcoa Unveils First Low-Carbon Alumina Brand
Nikola Tanks 26% After Talks With Energy Firms Stall – Report
Running on Empty: Tesla’s Battery Day Fails to Convince
