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Exxon and Chevron Look Attractive After Trailing Peers. There Could Be a ‘Catch-Up Trade,’ Analyst Says.

·2 min read
Exxon and Chevron Look Attractive After Trailing Peers. There Could Be a ‘Catch-Up Trade,’ Analyst Says.
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Exxon Mobil and Chevron look attractive after lagging behind gains in the exploration and production sector this year, according to one analyst. Devin McDermott, a Morgan Stanley energy analyst, wrote in a client note that Exxon Mobil (ticker: XOM) and Chevron (CVX) now have projected 2022 free-cash flow yields of about 12%. The free-cash flow yields of Exxon and Chevron are in line or better than those of E&P companies Pioneer Natural Resources (PXD), EOG Resources (EOG), ConocoPhillips (COP) and Devon Energy (DVN), McDermott noted.