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Opinions John Wilson
Chevron TexacoCVXCOMMENTNov 17, 2014
John WilsonStock price when the opinion was issued
As of Jun 11, 2026. Market Open.
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Wouldn't own now. Had a good rally, and has been outperforming off the Venezuela noise. They patronize Trump the most, and so they got preferential status, while Exxon calls the country "uninvestable". Has modest operations in Venezuela of 2% of its volumes and cashflow.
Huge rally on Trump guaranteeing security, which he's backpedaled on. Too much euphoria in the hype. Trades at a premium. He'd invest in CVE instead.
Oil stocks rallied hard today on news that Columbian president Maduro has been captured, but stocks like this opened too high. So, you must expect losses. The oil story where US oil stocks will benefit from Venezuela's reserves will take YEARS to play out, not days. Nobody will buy these stocks as soon as tomorrow. Also, the oil price has been going down.
She sold late last year for profits but she still likes it for its profitability. There will be some volatility with the energy cycles. Trades at 11 times 2026 free cash flow and pays a dividend of 4%. She sees only 7% upside but has it on her watch list and could trade it.
Brianne GardnerHe stays home for oil and gas stocks, especially because years of underappreciating Canada has led to lower valuations. For dividends coming from the O&G patch, especially in Canada where they're tax-effective, there's no better place to be. With this name, you're buying the oil price, but he believes more in the gas price.
She is following it. Has a good dividend of 4.6 to 4.7. It is very volatile but is one of the best positioned with a strong balance sheet. She sees upside and free cash flow of 9%. It is one of the fastest growing in the offshore basin. There is an oil overhang due to softer prices but you could set up for a compelling entry price point.
If you are not warmish on the oil price, which he is not, the super majors are a more defensive way to be in this space. If you are going to be in energy, something like this or an Exxon Mobile (XOM-N), is probably is a safer way to play. They have a much higher return on capital than the Canadian entities. This company went through a fairly painful period of writing off a bunch of assets, but it looks like they are largely done with that now. Still have production in Russia, which some people are worried about, but this is a safer way to own energy.