Barclays Maintains Equalweight on Chevron (CVX), Hess Acquisition Improves Outlook
Chevron Corporation (NYSE:CVX) ranks among the top stocks for an early retirement portfolio. On June 18, Barclays maintained its Equalweight rating on Chevron Corporation (NYSE:CVX) with a $152 price target.
Pixabay/Public Domain
Given Chevron's organic growth since 2023, the research firm stated that the Hess acquisition is now 'modestly accretive to CVX's cash flow multiples and leverage albeit still dilutive on FCF yield.' According to the firm's analysis, the Hess deal, which has drawn attention from investors, now offers Chevron Corporation (NYSE:CVX) a marginally better financial picture than previous projections.
Chevron Corporation (NYSE:CVX) has also acquired over 125,000 net acres of lithium-rich property in Southwest Arkansas and Northeast Texas, marking a strategic entry into the lithium market. The company took the first step toward building a domestic lithium company on a commercial scale with the acquisition of TerraVolta Resources and East Texas Natural Resources LLC.
Chevron Corporation (NYSE:CVX), based in San Ramon, California, is a major American global energy company that specializes in the oil and gas industry. Founded as the Standard Oil Company of California, it is the second-largest direct descendant of Standard Oil.
While we acknowledge the potential of CVX as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
Read More: and
Disclosure: None.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Politico
26 minutes ago
- Politico
Senate Republicans' tax cuts now projected to cost $4.45T
Senate Republicans released updated megabill text late Friday that would make sharp cuts to the Inflation Reduction Act's solar and wind tax credits after a late-stage push by President Donald Trump to crack down further on the incentives. The text would require solar and wind generation projects seeking to qualify for the law's clean electricity production and investment tax credits to be placed in service by the end of 2027 — significantly more restrictive than an earlier proposal by the Senate Finance Committee that tied eligibility to when a project begins construction. The changes came after Trump urged Senate Majority Leader John Thune to crack down on the wind and solar credits and align the measure more closely with reconciliation text, H.R.1, that passed the House, as POLITICO reported earlier on Friday. The changes are likely to put some moderate GOP senators, who have backed a slower schedule for sunsetting those incentives, in a tough position. They'll be forced to choose between rejecting Trump's agenda or allowing the gutting of tax credits that could lead to canceled projects and job losses in their states — something renewable energy advocates are also warning about. 'We are literally going to have not enough electricity because Trump is killing solar. It's that serious,' Sen. Brian Schatz (D-Hawaii) responded on X early Saturday. 'We need a bunch of new power on the grid, and nothing is as available as solar. Everything else takes a while. Meantime, expect shortages and high prices. Stupid.' The revised text would retain the investment and production tax credits for baseload sources, such as nuclear, geothermal, hydropower or energy storage, as proposed in the Finance Committee's earlier proposal. But it would make other significant changes, including extending a tax credit for clean hydrogen production until 2028. The panel's earlier proposal would have eliminated the credit after this year. And despite vocal lobbying by the solar industry, the proposal would maintain an abrupt cut to the tax incentive supporting residential solar power. The committee's earlier proposal would have eliminated that credit six months after the enactment of the bill; now the updated draft proposes repealing it at the end of this year. It would also deny certain wind and solar leasing arrangements from accessing the climate law's clean electricity investment and production tax credits, but, in a notable change, removed earlier language specifically disallowing rooftop solar. And it would move up the timeline for certain rules barring foreign entities of concern from accessing those credits. The bill would move up the termination date for electric vehicle tax credits to Sept. 30, compared to six months after enactment in the earlier Finance text. The credit for EV chargers would extend through June 2026. The new text also provides a bonus incentive for advanced nuclear facilities built in communities with high levels of employment in the nuclear industry. And the bill makes metallurgical coal eligible for the advanced manufacturing production tax credit through 2029. Sam Ricketts, co-founder of S2 Strategies, a clean energy policy consulting group, said the new draft is going to 'screw' ratepayers, kill jobs and undermine U.S. economic competitiveness. 'All just to give fossil fuel executives more profits,' he said. 'Or to own the libs. Insanity.' Josh Siegel contributed to this report.
USA Today
39 minutes ago
- USA Today
Dozens of Smokey Bones restaurants will be rebranded. Which locations are being impacted?
FAT Brands Inc., the global company behind dozens of iconic food chains like Fazoli's and Fatburger, is shifting business models for Smokey Bones, a barbecue favorite with locations all across the country. Here's what you need to know. What will the rebranding be? Under the new company, underperforming locations will close, and half of all Smokey Bones will be transitioned into a whole new restaurant: Twin Peaks. When did FAT Brands buy Smokey Bones? With over 2,300 franchise stores across 40 countries, FAT Brands purchased the barbecue bar and grill for $30 million from Sun Capital Partners private equity in 2023. Right at the start of 2025, FAT Brands created Twin Hospitality Group, the operating unit for its Twin Peaks and Smokey Bones brands. Proceeds from the IPO will help pay down debt at the parent company, which owns 95% of Twin Hospitality shares. In return, the sports bars will focus on opening more locations with the funding received. Filling a void Twin Peaks is a growing brand in the United States, filling a niche left by the gone-with-the-wind Hooters. 'Converting Smokey Bones locations to Twin Peaks provides a significant return on investment as altering a standing restaurant with similar square footage and real estate draw like Smokey Bones cuts out about a year and a half of construction time,' Ken Kuick, FAT Brands co-CEO and chief financial officer, said in a statement. 'Twin Peaks is our fastest-growing concept, producing strong and growing average-unit volumes.' According to statistics from a 2024 earnings call, Twin Peak's profits were four times higher in margins compared to the barbeque joint, causing a split in shifting the underperforming locations to more profits. How many locations will close? The company announced in March nine underperforming locations would close. Those locations have not been announced. How many locations will be rebranded? With nine restaurants closing, it leaves 45 stores available to be rebranded. Of the 45, 30 of the Smokey Bones restaurants will be rebranded over time, the company said in an initial statement. Out of 54 locations, nine will close. The 45 will then be reduced again, as 30 of the remaining will be rebranded to Twin Peaks restaurants over time, the company said in an initial statement. The first Smokey Bones to transition was the location in Lakeland, Florida in late 2024 according to reporting from National Restaurant News. How many Smokey Bones locations will be left? In the end, Smokey Bones will downsize to just 15 locations left. At the brand's highest point, Smokey Bones had over 100 locations nationwide. The company has yet to reveal which Smokey Bones locations will close or convert to the Twin Peaks brand. What is Twin Peaks? Twin Peaks is similar to Hooters. Restaurants offer cold drinks, American meals and large portions. Think of a casual sports bar with… Twin Peaks on display. Following in the same vein as Hooters' popularity in the 90's and 2000's, the dining spot offers cold drinks, American meals and large portions. According to the Twin Peaks location tracker, there are 109 locations across the United States. The company plans in the short term to open at least 11 new locations by the end of 2025, and cap at 650 locations across the U.S. in the distant future. Which location is the next to close? It appears that communication has been limited regarding which location is the next on the chopping block. Even employees at several locations seem to be left in the dark. 'When (Fat Brands) first bought us they sent out a handful of people to check out our restaurant and were in and out within five to ten minutes,' an employee said at the Springfield, Illinois location. 'That was well over half a year ago, and we haven't heard anything since.' Calls to confirm the status of the restaurant to the general manager were not responded to as of June 25. Claire Grant writes about business, growth and development and other news topics for The State Journal-Register. She can be reached at CLGrant@ and on X (Formerly known as Twitter): @Claire_Granted
Boston Globe
41 minutes ago
- Boston Globe
Senators voting in weekend session to meet Trump's deadline for passing his tax and spending cuts
Advertisement Ahead of the expected roll call, the White House released a statement of administrative policy saying it 'strongly supports passage' of the bill that 'implements critical aspects' of the president's agenda. Trump himself was at his golf course in Virginia on Saturday with GOP senators posting about it on social media. Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up 'It's time to get this legislation across the finish line,' said Senate Majority Leader John Thune, R-S.D. But as the day dragged, billionaire Elon Musk lashed out, calling the package 'utterly insane and destructive.' 'The latest Senate draft bill will destroy millions of jobs in America and cause immense strategic harm to our country!' the former top Trump aide said in a post. The Advertisement With the narrow Republican majorities in the House and Senate, leaders need almost every lawmaker on board in the face of essentially unified opposition from Democrats. Senate Democratic leader Chuck Schumer of New York said Republicans dropped the bill 'in the dead of night' and are rushing to finish the bill before the public fully knows what's in it. He is expected to call for a full reading of the text in the Senate, which would take hours. Make-or-break moment for GOP The weekend session could be a make-or-break moment for Trump's party, which has invested much of its political capital on his signature domestic policy plan. Trump is pushing Congress to wrap it up, even as he sometimes gives mixed signals, allowing for more time. At recent events at the White House, including Friday, Trump has admonished the 'grandstanders' among GOP holdouts to fall in line. The legislation is an ambitious but complicated series of GOP priorities. At its core, it would make permanent many of the tax breaks from Trump's first term that would otherwise expire by year's end if Congress fails to act, resulting in a potential tax increase on Americans. The bill would add new breaks, including no taxes on tips, and commit $350 billion to national security, including for Trump's mass deportation agenda. But the cutbacks to Medicaid, food stamps and green energy investments, which a top Democrat, Sen. Ron Wyden of Oregon said would be a 'death sentence' for America's wind and solar industries, are also causing dissent within GOP ranks. Advertisement The Republicans are relying on the reductions to offset the lost tax revenues but some lawmakers say the cuts go too far, particularly for people receiving health care through Medicaid. Meanwhile, conservatives, worried about the nation's debt, are pushing for steeper cuts. Sen. Thom Tillis, R-N.C., who said he spoke with Trump late Friday explaining his concerns, announced Saturday he cannot support the package as is, largely because of the changes to health care that he said would force his state to 'make painful decisions like eliminating Medicaid coverage for hundreds of thousands.' Sen. Rand Paul of Kentucky has been opposed to the bill's provision to raise the nation's debt limit by $5 trillion. And GOP Sen. Tim Sheehy of Montana said he would agree to proceeding only after being assured a provision for public lands sales he opposes would be taken out with an amendment. After setbacks, Republicans revise some proposals The release of that draft had been delayed as the Senate parliamentarian reviewed the bill to ensure it complied with the chamber's strict 'Byrd Rule,' named for the late Sen. Robert C. Byrd, It largely bars policy matters from inclusion in budget bills unless a provision can get 60 votes to overcome objections. That would be a tall order in a Senate with a 53-47 GOP edge and Democrats unified against Trump's bill. Republicans suffered a series of setbacks after several proposals, including shifting food stamp costs from the federal government to the states or gutting the funding structure of the Consumer Financial Protection Bureau, were deemed out of compliance with the rules. Advertisement But over the past days, Republicans have quickly revised those proposals and reinstated them. The final text includes a proposal for cuts to the Medicaid provider tax that had run into parliamentary hurdles and objections from several senators worried about the fate of rural hospitals. The new version extends the start date for those cuts and establishes a $25 billion fund to aid rural hospitals and providers. Sen. Josh Hawley, R-Mo., who had opposed the cuts, vowed 'to do everything I can' to make sure the reductions never go into effect. The nonpartisan Congressional Budget Office has said that under the House-passed version of the bill, some 10.9 million more people would go without health care and at least 3 million fewer would qualify for food aid. The CBO has not yet publicly assessed the Senate draft, which proposes steeper reductions. Top income-earners would see about a $12,000 tax cut under the House bill, while the package would cost the poorest Americans $1,600, the CBO said. SALT dispute shakes things up The Senate included a compromise over the so-called SALT provision, a deduction for state and local taxes that has been a top priority of lawmakers from New York and other high-tax states, but the issue remains unsettled. The current SALT cap is $10,000 a year, and a handful of Republicans wanted to boost it to $40,000 a year. The final draft includes a $40,000 cap, but limits it for five years. Many Republican senators say that is still too generous. At least one House GOP holdout, Rep. Nick LaLota of New York, had said that would be insufficient. Trump's deadline nears House Speaker Mike Johnson, who sent his colleagues home for the weekend with plans to be on call to return to Washington. But as the Senate draft was revealed, House GOP support was uncertain. One Republican, Rep. David Valadao of California, said he was opposed. Advertisement Associated Press writers Ali Swenson and Matthew Daly contributed to this report.
