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Despite just getting downgraded by Jefferies, is Chevron a buy?

Oil prices are at a 9-month high, trading over $98 per barrel as tensions rise in the Middle East.

Meanwhile, shareholders in Chevron have had a good year. The company’s stocks are up 9% in 2013 and over 16% over the last twelve months.

In a recent report, Iain Reid, analyst at Jefferies in London writes that Chevron “looks attractive as a standalone integrated oil investment, retaining its key upstream profitability strength, a metric where it has led the US/European peers over the last two years.” He also writes that Chevron has “excellent project portfolio which should provide good production”.

So, why did Jefferies just downgrade Chevron from a “buy” to a “hold” in that very same report?

According to Reid, it’s because the company’s shares can’t grow as fast as others in the business.

But is he right?

We ask CNBC contributors Steve Cortes, Founder of Veracruz TJM, and Richard Ross, Global Technical Strategist at Auerbach Grayson, to look at Chevron.

To hear Cortes and Ross analyze Chevron, watch the video above.

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