Chevron (CVX +1.5%) is higher after Barclays upgrades shares to Overweight from Equal Weight and raises its price target to $135 from $130, believing the company's fundamentals are improving at a faster pace than many of the other mega-majors, including Exxon Mobil (XOM -2.4%), which the firm downgrades.
The firm forecasts CVX's debt-adjusted per share production growth rate at ~10% this year and 7%-8%/year during 2017-22 compared to XOM's estimated annual growth rate of 0%-2%.
Barclays estimates the Permian Basin will account for a respective 50% and 15% of CVX's U.S. and global production in 2020, up from 27% and 7% in 2017.
While CVX shares have rebounded a bit from their 10% two-day plunge, XOM extends its recent slide and now trades only ~$1.75/share above its 52-week low.
Now read: Should You Buy Exxon? »
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