Multinational energy firm Chevron Corp. (CVX) has awarded a multi-year contract to global asset performance management solutions provider Team Inc. (TISI) to provide inspection, testing and analytics under its mechanical integrity program.
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Based out of Texas, Team offers integrated, digitally-enabled asset performance assurance and optimization solutions. Meanwhile, California-based Chevron provides administrative, financial management and technology support for energy and chemical operations. (See Chevron stock chart on TipRanks)
The Chairman and CEO of Team, Amerino Gatti, said, “Our new Asset Integrity & Digital Group will work closely with Chevron to provide technology-enabled inspection services and engineering assessment solutions.”
“We continue to see growing demand from our upstream clients for Team’s service offerings as increased importance is placed on emissions compliance, maintaining wellhead integrity, and eliminating emissions leaks,” Gatti added.
As per the terms of the contract, Chevron’s upstream assets will be integrated into the OneInsight platform by Team’s digital solutions business to provide reliability and integrity solutions like preventative on-site repair and remediation solutions.
Last month, Wells Fargo (WFC) analyst Roger Read maintained a Hold rating on Chevron with a price target of $107 (2.2% upside potential). The analyst expects the company to report earnings per share (EPS) of $1.61 in the third quarter.
Overall, the stock has a Moderate Buy consensus rating based on 9 Buys and 6 Holds. The average Chevron price target of $123.36 implies 17.8% upside potential. Shares have gained 44% over the past year.
According to TipRanks’ Smart Score rating system, Chevron scores a “Perfect 10,” suggesting that the stock is likely to outperform market averages.
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