Integrated oil giant Chevron Corporation (CVX) on Wednesday caught a big upgrade from analysts at Deutsche Bank.

The firm said it boosted its rating on CVX from “Hold” to “Buy” with a $130 price target, suggesting a nearly 19% upside to the stock’s Tuesday closing price of $109.61.

Deutsche Bank noted the move was a valuation call, as the company is leveraged to benefit from higher Brent Crude oil prices.

Chevron shares posted modest gains in premarket trading Wednesday.

The Bottom Line
Shares of Chevron (CVX) have a 2.96% dividend yield, based on last night’s closing stock price of $109.61. The stock has technical support in the $100-$105 price area. The shares are trading at all-time highs.

Chevron Corporation (CVX) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.