Buy Exxon Mobil and Other Big Oil Stocks Instead of Chevron, Goldman Says

SectorFinancial Markets
CountryMiddle east

Text size For the past few years, Chevron has beenthe default stockfor many investors looking to gain exposure to oil and gas without taking a big risk. Chevron’s balance sheet is considered safer than those of its competitors, and Wall Street has believed its dividend safe even during the depths of the coronavirus crisis. But despite Chevron stock’s (ticker: CVX) 5% dividend yield, some of its competitors are in better shape and trading at more discounted valuations. On Tuesday, Goldman Sachs analyst Neil Mehta downgraded Chevron to Neutral from Buy, recommending that investors look elsewhere for larger gains. Chevron stock remains relatively attractive, but other stocks now stand out more, he argues.

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