may be_老虎社区_美港股上老虎

2021-05-20

may be

Is Chevron Stock a Buy?<blockquote>雪佛龙股票值得买入吗？</blockquote>

免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":130922760,"tweetId":"130922760","gmtCreate":1621506274350,"gmtModify":1631889172596,"author":{"id":3582197396832487,"idStr":"3582197396832487","authorId":3582197396832487,"authorIdStr":"3582197396832487","name":"Hello_kitty","avatar":"https://static.tigerbbs.com/ce172006fdac34914573c7de0ca91b6b","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":3,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body>may be</body></html>","htmlText":"<html><head></head><body>may be</body></html>","text":"may be","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/130922760","repostId":1138700843,"repostType":4,"repost":{"id":"1138700843","kind":"news","pubTimestamp":1621495137,"share":"https://www.laohu8.com/m/news/1138700843?lang=zh_CN&edition=full","pubTime":"2021-05-20 15:18","market":"us","language":"en","title":"Is Chevron Stock a Buy?<blockquote>雪佛龙股票值得买入吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138700843","media":"Motley Fool","summary":"Chevron's yield is at the low end of its energy major peer group. Here's why conservative income inv","content":"Chevron's yield is at the low end of its energy major peer group. Here's why conservative income investors might still want to buy it anyway.<blockquote>雪佛龙的收益率处于其能源主要同行的低端。这就是为什么保守的收入投资者可能仍然想购买它。</blockquote> Despite improving commodity prices, the energy sector remains deeply out of favor. For income investors with a contrarian bent, however, that's a potential buying opportunity. The problem is that there are still very real issues for energy companies to deal with. That's why integrated giant&nbsp;Chevron&nbsp;(NYSE:CVX)&nbsp;is one of the best options in the space. Here's a few points to back that up.<blockquote>尽管大宗商品价格有所改善，但能源行业仍然严重失宠。然而，对于具有逆向倾向的收益投资者来说，这是一个潜在的买入机会。问题是，能源公司仍然有非常现实的问题需要处理。这就是为什么集成巨人人字形（纽约证券交易所股票代码：CVX）是该领域的最佳选择之一。这里有几点可以支持这一点。</blockquote> 1. Diversification<blockquote>1. 多样化</blockquote> There are a multitude of ways to invest in the&nbsp;energy sector, from the&nbsp;upstream&nbsp;(exploration and production) to the&nbsp;downstream&nbsp;(chemicals and refining), and there are different dynamics to each major area. Chevron, one of the world's largest integrated energy companies, has exposure across the value chain, from drilling to transportation (the midstream sector) to processing. That provides balance to its portfolio, since in normal markets some areas will usually be doing better than others and helping to smooth out financial results.<blockquote>从上游（勘探和生产）到下游（化工和炼油），投资能源领域有多种方式，每个主要领域都有不同的动态。雪佛龙是全球最大的综合能源公司之一，业务遍及整个价值链，从钻井到运输（中游行业）再到加工。这为其投资组合提供了平衡，因为在正常市场中，某些领域通常会比其他领域表现更好，并有助于平滑财务业绩。</blockquote> <img src=\"https://static.tigerbbs.com/4110c4af0aef7c1bcdfebcee897c6d95\" tg-width=\"2000\" tg-height=\"1335\">IMAGE SOURCE: GETTY IMAGES.<blockquote>图片来源：盖蒂图片社。</blockquote> Conservative investors know that&nbsp;diversification is good&nbsp;for their portfolios, but it can also be good for a company's business. It may seem like small solace, but in 2020 Chevron's international downstream business was in the black while all of its other reporting segments were in the red. It was a terrible year by any measure, but it would have been much worse if the company were only focused on drilling for oil or operating in a single market/region.<blockquote>保守的投资者知道多元化对他们的投资组合有好处，但它对公司的业务也有好处。这似乎是一个小小的安慰，但在2020年，雪佛龙的国际下游业务处于亏损状态，而其所有其他报告部门都处于亏损状态。无论从哪个角度来看，这都是可怕的一年，但如果该公司只专注于石油钻探或在单一市场/地区运营，情况会更糟。</blockquote> 2. Financial strength<blockquote>2、资金实力</blockquote> Diversification is nice, but Chevron is hardly the only diversified oil company. It is one of many that fall into the integrated segment of the industry. But one area where Chevron stands alone is financial strength. The company's debt-to-equity ratio is roughly 0.33 times, lower than U.S. peer&nbsp;ExxonMobil's&nbsp;(NYSE:XOM)&nbsp;0.4 times and way below European peers that sit at 0.6 times or higher.<blockquote>多元化固然不错，但雪佛龙并不是唯一一家多元化的石油公司。它是众多属于该行业综合领域的公司之一。但雪佛龙独树一帜的一个领域是财务实力。该公司的债务股本比率约为0.33倍，低于美国同行埃克森美孚（纽约证券交易所股票代码：XOM）的 0.4 倍，远低于欧洲同行的 0.6 倍或更高。</blockquote> To be fair, European oil majors tend to carry higher debt loads and higher cash balances than Chevron or Exxon. However, spending a cash horde during an industry downturn isn't necessarily viewed as a positive by investors, and adding debt to an already debt-heavy&nbsp;balance sheet&nbsp;is equally undesirable. So Chevron's low-leverage approach may actually give it more leeway. Indeed, it used its financial strength to add debt during 2020 so it could muddle through the hit without the need to cut its dividend. It also managed to make&nbsp;an opportunistic acquisition&nbsp;and still maintain its industry-leading leverage metrics.<blockquote>公平地说，欧洲石油巨头往往比雪佛龙或埃克森美孚承担更高的债务负担和更高的现金余额。然而，在行业低迷时期花费大量现金并不一定会被投资者视为积极因素，而且在已经负债累累的资产负债表上增加债务同样是不可取的。因此，雪佛龙的低杠杆方法实际上可能会给它更多的回旋余地。事实上，该公司利用其财务实力在 2020 年增加了债务，以便无需削减股息即可渡过难关。它还成功进行了机会主义收购，并仍然保持了行业领先的杠杆指标。</blockquote> <img src=\"https://static.tigerbbs.com/79228f9c35bf49addfcc515df385d042\" tg-width=\"720\" tg-height=\"503\">CVX DEBT TO EQUITY RATIO DATA BY YCHARTS<blockquote>YCHARTS 提供的 CVX 债务股本比率数据</blockquote> 3. The dividend<blockquote>3. 股息</blockquote> For more conservative&nbsp;income investors, a company's dividend is sacrosanct.BP&nbsp;and&nbsp;Royal Dutch Shell&nbsp;both cut their dividends last year, while Exxon, Chevron, and&nbsp;Total&nbsp;did not. That said, Chevron has an over-three-decade-long streak of annual dividend increases under its belt at this point. And it just announced a 4% increase in its dividend along with its first-quarter earnings. Total is focusing on debt repayment over dividend increases right now, and while Exxon's dividend history is every bit as strong as Chevron's -- if not stronger -- its balance sheet isn't in as good shape. And, notably, Exxon has big spending plans that it needs to fund, suggesting that dividends may have to play second fiddle to capital spending in the near term. Chevron's spending plans were relatively modest even before the pandemic.<blockquote>对于更保守的收入投资者来说，公司的股息是神圣不可侵犯的。BP和荷兰皇家壳牌两家公司去年都削减了股息，而埃克森美孚、雪佛龙和总的没有。也就是说，雪佛龙目前已经连续三十多年增加年度股息。该公司刚刚宣布将股息和第一季度收益增加 4%。道达尔目前的重点是偿还债务而不是增加股息，虽然埃克森美孚的股息历史与雪佛龙一样强劲（如果不是更强劲的话），但其资产负债表状况并不那么好。而且，值得注意的是，埃克森美孚有需要为其提供资金的庞大支出计划，这表明股息在短期内可能不得不让位于资本支出。即使在疫情之前，雪佛龙的支出计划也相对温和。</blockquote> When you take into account all of the above, it helps to explain why Chevron's 4.9%&nbsp;dividend yield&nbsp;is near the bottom of its peer group. However, the stock's yield is still near the high end of the company's own historical range. So it looks like Chevron is historically cheap today, even though you can get a higher yield from other companies in the sector. The problem is that to get those higher yields you need to step up the risk scale. For conservative types, that's probably not worth it.<blockquote>当你考虑到以上所有因素时，就有助于解释为什么雪佛龙 4.9% 的股息收益率接近同行的底部。不过，该股收益率仍接近公司自身历史区间的高端。因此，看起来雪佛龙今天是历史上最便宜的，尽管你可以从该行业的其他公司获得更高的收益率。问题是，为了获得更高的收益率，你需要提高风险规模。对于保守类型来说，这可能不值得。</blockquote> 4. The future<blockquote>4.未来</blockquote> One clear knock against Chevron is that it is dragging its feet as the world looks to move beyond oil and natural gas. That's a legitimate complaint -- Chevron is simply tiptoeing into the clean energy waters, while others, like BP and Shell, look like they are&nbsp;jumping in with both feet.<blockquote>对雪佛龙的一个明显打击是，随着世界寻求超越石油和天然气，它正在拖延。这是一个合理的抱怨——雪佛龙只是蹑手蹑脚地进入清洁能源领域，而英国石油公司和壳牌等其他公司看起来像是在双脚跳进去。</blockquote> The thing is, energy transitions take time, and the world is likely to need more of all energy sources as emerging economies continue to develop. So oil and natural gas aren't likely to go away overnight.<blockquote>问题是，能源转型需要时间，随着新兴经济体的不断发展，世界可能需要更多的能源。因此，石油和天然气不太可能在一夜之间消失。</blockquote> Meanwhile, the renewable power space&nbsp;looks a bit expensive&nbsp;right now, with intense competition resulting in inflated prices and potentially lower future returns. So taking a wait-and-see approach might actually work in Chevron's favor if it avoids overspending just to appease Wall Street. And with such a strong balance sheet, there's no reason why it can't buy its way into the sector via an acquisition should a good opportunity arise. That chance, hopefully, will come when investors have soured on renewables and bid down the stock prices of clean energy-focused names.<blockquote>与此同时，可再生能源领域目前看起来有点昂贵，激烈的竞争导致价格上涨，未来回报可能较低。因此，如果雪佛龙为了安抚华尔街而避免超支，采取观望态度实际上可能对雪佛龙有利。凭借如此强劲的资产负债表，如果出现好机会，它没有理由不通过收购进入该行业。希望当投资者对可再生能源感到厌恶并压低专注于清洁能源的公司的股价时，这个机会就会到来。</blockquote> Not perfect, but pretty good<blockquote>不完美，但相当不错</blockquote> Every investment comes with a few warts, and Chevron is no different. However, for conservative income investors looking to put money to work in the out-of-favor energy sector, it has a lot of positives. Specifically, the company's historically high yield, industry-leading financial strength, and diversified business model all give it an edge over its peers. And the negative that Chevron is taking a slow approach on the global warming front may not be as bad as some fear.<blockquote>每项投资都有一些瑕疵，雪佛龙也不例外。然而，对于希望将资金投入不受欢迎的能源行业的保守收入投资者来说，它有很多积极因素。具体来说，该公司历史上的高收益率、行业领先的资金实力和多元化的商业模式都使其在同行中具有优势。雪佛龙在全球变暖问题上行动迟缓的负面影响可能并不像一些人担心的那么糟糕。</blockquote> For most income investors, Chevron stacks up really well compared to the competition.<blockquote>对于大多数收入投资者来说，与竞争对手相比，雪佛龙的表现确实很好。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is Chevron Stock a Buy?<blockquote>雪佛龙股票值得买入吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs Chevron Stock a Buy?<blockquote>雪佛龙股票值得买入吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMotley Fool2021-05-20 15:18\n\n</h4>\n</header>\n<article>\nChevron's yield is at the low end of its energy major peer group. Here's why conservative income investors might still want to buy it anyway.<blockquote>雪佛龙的收益率处于其能源主要同行的低端。这就是为什么保守的收入投资者可能仍然想购买它。</blockquote> Despite improving commodity prices, the energy sector remains deeply out of favor. For income investors with a contrarian bent, however, that's a potential buying opportunity. The problem is that there are still very real issues for energy companies to deal with. That's why integrated giant&nbsp;Chevron&nbsp;(NYSE:CVX)&nbsp;is one of the best options in the space. Here's a few points to back that up.<blockquote>尽管大宗商品价格有所改善，但能源行业仍然严重失宠。然而，对于具有逆向倾向的收益投资者来说，这是一个潜在的买入机会。问题是，能源公司仍然有非常现实的问题需要处理。这就是为什么集成巨人人字形（纽约证券交易所股票代码：CVX）是该领域的最佳选择之一。这里有几点可以支持这一点。</blockquote> 1. Diversification<blockquote>1. 多样化</blockquote> There are a multitude of ways to invest in the&nbsp;energy sector, from the&nbsp;upstream&nbsp;(exploration and production) to the&nbsp;downstream&nbsp;(chemicals and refining), and there are different dynamics to each major area. Chevron, one of the world's largest integrated energy companies, has exposure across the value chain, from drilling to transportation (the midstream sector) to processing. That provides balance to its portfolio, since in normal markets some areas will usually be doing better than others and helping to smooth out financial results.<blockquote>从上游（勘探和生产）到下游（化工和炼油），投资能源领域有多种方式，每个主要领域都有不同的动态。雪佛龙是全球最大的综合能源公司之一，业务遍及整个价值链，从钻井到运输（中游行业）再到加工。这为其投资组合提供了平衡，因为在正常市场中，某些领域通常会比其他领域表现更好，并有助于平滑财务业绩。</blockquote> <img src=\"https://static.tigerbbs.com/4110c4af0aef7c1bcdfebcee897c6d95\" tg-width=\"2000\" tg-height=\"1335\">IMAGE SOURCE: GETTY IMAGES.<blockquote>图片来源：盖蒂图片社。</blockquote> Conservative investors know that&nbsp;diversification is good&nbsp;for their portfolios, but it can also be good for a company's business. It may seem like small solace, but in 2020 Chevron's international downstream business was in the black while all of its other reporting segments were in the red. It was a terrible year by any measure, but it would have been much worse if the company were only focused on drilling for oil or operating in a single market/region.<blockquote>保守的投资者知道多元化对他们的投资组合有好处，但它对公司的业务也有好处。这似乎是一个小小的安慰，但在2020年，雪佛龙的国际下游业务处于亏损状态，而其所有其他报告部门都处于亏损状态。无论从哪个角度来看，这都是可怕的一年，但如果该公司只专注于石油钻探或在单一市场/地区运营，情况会更糟。</blockquote> 2. Financial strength<blockquote>2、资金实力</blockquote> Diversification is nice, but Chevron is hardly the only diversified oil company. It is one of many that fall into the integrated segment of the industry. But one area where Chevron stands alone is financial strength. The company's debt-to-equity ratio is roughly 0.33 times, lower than U.S. peer&nbsp;ExxonMobil's&nbsp;(NYSE:XOM)&nbsp;0.4 times and way below European peers that sit at 0.6 times or higher.<blockquote>多元化固然不错，但雪佛龙并不是唯一一家多元化的石油公司。它是众多属于该行业综合领域的公司之一。但雪佛龙独树一帜的一个领域是财务实力。该公司的债务股本比率约为0.33倍，低于美国同行埃克森美孚（纽约证券交易所股票代码：XOM）的 0.4 倍，远低于欧洲同行的 0.6 倍或更高。</blockquote> To be fair, European oil majors tend to carry higher debt loads and higher cash balances than Chevron or Exxon. However, spending a cash horde during an industry downturn isn't necessarily viewed as a positive by investors, and adding debt to an already debt-heavy&nbsp;balance sheet&nbsp;is equally undesirable. So Chevron's low-leverage approach may actually give it more leeway. Indeed, it used its financial strength to add debt during 2020 so it could muddle through the hit without the need to cut its dividend. It also managed to make&nbsp;an opportunistic acquisition&nbsp;and still maintain its industry-leading leverage metrics.<blockquote>公平地说，欧洲石油巨头往往比雪佛龙或埃克森美孚承担更高的债务负担和更高的现金余额。然而，在行业低迷时期花费大量现金并不一定会被投资者视为积极因素，而且在已经负债累累的资产负债表上增加债务同样是不可取的。因此，雪佛龙的低杠杆方法实际上可能会给它更多的回旋余地。事实上，该公司利用其财务实力在 2020 年增加了债务，以便无需削减股息即可渡过难关。它还成功进行了机会主义收购，并仍然保持了行业领先的杠杆指标。</blockquote> <img src=\"https://static.tigerbbs.com/79228f9c35bf49addfcc515df385d042\" tg-width=\"720\" tg-height=\"503\">CVX DEBT TO EQUITY RATIO DATA BY YCHARTS<blockquote>YCHARTS 提供的 CVX 债务股本比率数据</blockquote> 3. The dividend<blockquote>3. 股息</blockquote> For more conservative&nbsp;income investors, a company's dividend is sacrosanct.BP&nbsp;and&nbsp;Royal Dutch Shell&nbsp;both cut their dividends last year, while Exxon, Chevron, and&nbsp;Total&nbsp;did not. That said, Chevron has an over-three-decade-long streak of annual dividend increases under its belt at this point. And it just announced a 4% increase in its dividend along with its first-quarter earnings. Total is focusing on debt repayment over dividend increases right now, and while Exxon's dividend history is every bit as strong as Chevron's -- if not stronger -- its balance sheet isn't in as good shape. And, notably, Exxon has big spending plans that it needs to fund, suggesting that dividends may have to play second fiddle to capital spending in the near term. Chevron's spending plans were relatively modest even before the pandemic.<blockquote>对于更保守的收入投资者来说，公司的股息是神圣不可侵犯的。BP和荷兰皇家壳牌两家公司去年都削减了股息，而埃克森美孚、雪佛龙和总的没有。也就是说，雪佛龙目前已经连续三十多年增加年度股息。该公司刚刚宣布将股息和第一季度收益增加 4%。道达尔目前的重点是偿还债务而不是增加股息，虽然埃克森美孚的股息历史与雪佛龙一样强劲（如果不是更强劲的话），但其资产负债表状况并不那么好。而且，值得注意的是，埃克森美孚有需要为其提供资金的庞大支出计划，这表明股息在短期内可能不得不让位于资本支出。即使在疫情之前，雪佛龙的支出计划也相对温和。</blockquote> When you take into account all of the above, it helps to explain why Chevron's 4.9%&nbsp;dividend yield&nbsp;is near the bottom of its peer group. However, the stock's yield is still near the high end of the company's own historical range. So it looks like Chevron is historically cheap today, even though you can get a higher yield from other companies in the sector. The problem is that to get those higher yields you need to step up the risk scale. For conservative types, that's probably not worth it.<blockquote>当你考虑到以上所有因素时，就有助于解释为什么雪佛龙 4.9% 的股息收益率接近同行的底部。不过，该股收益率仍接近公司自身历史区间的高端。因此，看起来雪佛龙今天是历史上最便宜的，尽管你可以从该行业的其他公司获得更高的收益率。问题是，为了获得更高的收益率，你需要提高风险规模。对于保守类型来说，这可能不值得。</blockquote> 4. The future<blockquote>4.未来</blockquote> One clear knock against Chevron is that it is dragging its feet as the world looks to move beyond oil and natural gas. That's a legitimate complaint -- Chevron is simply tiptoeing into the clean energy waters, while others, like BP and Shell, look like they are&nbsp;jumping in with both feet.<blockquote>对雪佛龙的一个明显打击是，随着世界寻求超越石油和天然气，它正在拖延。这是一个合理的抱怨——雪佛龙只是蹑手蹑脚地进入清洁能源领域，而英国石油公司和壳牌等其他公司看起来像是在双脚跳进去。</blockquote> The thing is, energy transitions take time, and the world is likely to need more of all energy sources as emerging economies continue to develop. So oil and natural gas aren't likely to go away overnight.<blockquote>问题是，能源转型需要时间，随着新兴经济体的不断发展，世界可能需要更多的能源。因此，石油和天然气不太可能在一夜之间消失。</blockquote> Meanwhile, the renewable power space&nbsp;looks a bit expensive&nbsp;right now, with intense competition resulting in inflated prices and potentially lower future returns. So taking a wait-and-see approach might actually work in Chevron's favor if it avoids overspending just to appease Wall Street. And with such a strong balance sheet, there's no reason why it can't buy its way into the sector via an acquisition should a good opportunity arise. That chance, hopefully, will come when investors have soured on renewables and bid down the stock prices of clean energy-focused names.<blockquote>与此同时，可再生能源领域目前看起来有点昂贵，激烈的竞争导致价格上涨，未来回报可能较低。因此，如果雪佛龙为了安抚华尔街而避免超支，采取观望态度实际上可能对雪佛龙有利。凭借如此强劲的资产负债表，如果出现好机会，它没有理由不通过收购进入该行业。希望当投资者对可再生能源感到厌恶并压低专注于清洁能源的公司的股价时，这个机会就会到来。</blockquote> Not perfect, but pretty good<blockquote>不完美，但相当不错</blockquote> Every investment comes with a few warts, and Chevron is no different. However, for conservative income investors looking to put money to work in the out-of-favor energy sector, it has a lot of positives. Specifically, the company's historically high yield, industry-leading financial strength, and diversified business model all give it an edge over its peers. And the negative that Chevron is taking a slow approach on the global warming front may not be as bad as some fear.<blockquote>每项投资都有一些瑕疵，雪佛龙也不例外。然而，对于希望将资金投入不受欢迎的能源行业的保守收入投资者来说，它有很多积极因素。具体来说，该公司历史上的高收益率、行业领先的资金实力和多元化的商业模式都使其在同行中具有优势。雪佛龙在全球变暖问题上行动迟缓的负面影响可能并不像一些人担心的那么糟糕。</blockquote> For most income investors, Chevron stacks up really well compared to the competition.<blockquote>对于大多数收入投资者来说，与竞争对手相比，雪佛龙的表现确实很好。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.fool.com/investing/2021/05/19/is-chevron-stock-a-buy/\">Motley Fool</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CVX":"雪佛龙"},"source_url":"https://www.fool.com/investing/2021/05/19/is-chevron-stock-a-buy/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138700843","content_text":"Chevron's yield is at the low end of its energy major peer group. Here's why conservative income investors might still want to buy it anyway.\nDespite improving commodity prices, the energy sector remains deeply out of favor. For income investors with a contrarian bent, however, that's a potential buying opportunity. The problem is that there are still very real issues for energy companies to deal with. That's why integrated giant Chevron (NYSE:CVX) is one of the best options in the space. Here's a few points to back that up.\n1. Diversification\nThere are a multitude of ways to invest in the energy sector, from the upstream (exploration and production) to the downstream (chemicals and refining), and there are different dynamics to each major area. Chevron, one of the world's largest integrated energy companies, has exposure across the value chain, from drilling to transportation (the midstream sector) to processing. That provides balance to its portfolio, since in normal markets some areas will usually be doing better than others and helping to smooth out financial results.\nIMAGE SOURCE: GETTY IMAGES.\nConservative investors know that diversification is good for their portfolios, but it can also be good for a company's business. It may seem like small solace, but in 2020 Chevron's international downstream business was in the black while all of its other reporting segments were in the red. It was a terrible year by any measure, but it would have been much worse if the company were only focused on drilling for oil or operating in a single market/region.\n2. Financial strength\nDiversification is nice, but Chevron is hardly the only diversified oil company. It is one of many that fall into the integrated segment of the industry. But one area where Chevron stands alone is financial strength. The company's debt-to-equity ratio is roughly 0.33 times, lower than U.S. peer ExxonMobil's (NYSE:XOM) 0.4 times and way below European peers that sit at 0.6 times or higher.\nTo be fair, European oil majors tend to carry higher debt loads and higher cash balances than Chevron or Exxon. However, spending a cash horde during an industry downturn isn't necessarily viewed as a positive by investors, and adding debt to an already debt-heavy balance sheet is equally undesirable. So Chevron's low-leverage approach may actually give it more leeway. Indeed, it used its financial strength to add debt during 2020 so it could muddle through the hit without the need to cut its dividend. It also managed to make an opportunistic acquisition and still maintain its industry-leading leverage metrics.\nCVX DEBT TO EQUITY RATIO DATA BY YCHARTS\n3. The dividend\nFor more conservative income investors, a company's dividend is sacrosanct.BP and Royal Dutch Shell both cut their dividends last year, while Exxon, Chevron, and Total did not. That said, Chevron has an over-three-decade-long streak of annual dividend increases under its belt at this point. And it just announced a 4% increase in its dividend along with its first-quarter earnings. Total is focusing on debt repayment over dividend increases right now, and while Exxon's dividend history is every bit as strong as Chevron's -- if not stronger -- its balance sheet isn't in as good shape. And, notably, Exxon has big spending plans that it needs to fund, suggesting that dividends may have to play second fiddle to capital spending in the near term. Chevron's spending plans were relatively modest even before the pandemic.\nWhen you take into account all of the above, it helps to explain why Chevron's 4.9% dividend yield is near the bottom of its peer group. However, the stock's yield is still near the high end of the company's own historical range. So it looks like Chevron is historically cheap today, even though you can get a higher yield from other companies in the sector. The problem is that to get those higher yields you need to step up the risk scale. For conservative types, that's probably not worth it.\n4. The future\nOne clear knock against Chevron is that it is dragging its feet as the world looks to move beyond oil and natural gas. That's a legitimate complaint -- Chevron is simply tiptoeing into the clean energy waters, while others, like BP and Shell, look like they are jumping in with both feet.\nThe thing is, energy transitions take time, and the world is likely to need more of all energy sources as emerging economies continue to develop. So oil and natural gas aren't likely to go away overnight.\nMeanwhile, the renewable power space looks a bit expensive right now, with intense competition resulting in inflated prices and potentially lower future returns. So taking a wait-and-see approach might actually work in Chevron's favor if it avoids overspending just to appease Wall Street. And with such a strong balance sheet, there's no reason why it can't buy its way into the sector via an acquisition should a good opportunity arise. That chance, hopefully, will come when investors have soured on renewables and bid down the stock prices of clean energy-focused names.\nNot perfect, but pretty good\nEvery investment comes with a few warts, and Chevron is no different. However, for conservative income investors looking to put money to work in the out-of-favor energy sector, it has a lot of positives. Specifically, the company's historically high yield, industry-leading financial strength, and diversified business model all give it an edge over its peers. And the negative that Chevron is taking a slow approach on the global warming front may not be as bad as some fear.\nFor most income investors, Chevron stacks up really well compared to the competition.","news_type":1,"symbols_score_info":{"CVX":0.9}},"isVote":1,"tweetType":1,"viewCount":1267,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":5,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/130922760"}