U.S. oil company Chevron (CVX) is reportedly interested in exploring oil options in Greece. The country’s Ministry of the Environment and Energy announced this today alongside plans for a tender offer. This comes as it seeks to lower energy costs and reduce reliance on foreign oil.
Invest with Confidence:
- Follow TipRanks' Top Wall Street Analysts and uncover their success rate and average return.
- Join thousands of data-driven investors – Build your Smart Portfolio for personalized insights.
Greece said that Chevron has expressed interest in exploring oil potential in two areas. The first is an area southwest of the Peloponnese peninsula while the second is west of the island of Crete. Chevron confirmed this interest, saying the Eastern Mediterranean is “a region which is very much a part of our future and a priority for us.
Greece hasn’t done much with oil drilling in the past, leaving that to foreign entities. However, it’s seeking to expand its research area to determine its potential as an oil producer. While Greece wants to produce its own oil, this is only a stopgap as the country continues to focus on developing its green energy production methods.
What This Means for CVX Stock
Chevron continues to seek new areas where it can search for oil, even as the world transitions to green energy. This comes as some countries admit that green energy production isn’t developing as fast as expected. That has them continuing to rely on oil while they wait for green energy production to increase.
This is good news for Chevron as it provides ample business for the energy company. That’s also true in the U.S. as President-elect Donald Trump takes office today. He’s promised to empower the oil industry to lower energy prices as part of his effort to reduce the cost of living.
Is CVX Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Chevron is Strong Buy based on 16 Buy and three Hold ratings over the last three months. With that comes an average price target of $175.56, a high of $195, and a low of $154. This represents a potential 8.73% upside for CVX shares.
