Chevron ( CVX) is an integrated energy company operating worldwide. It produces, refines, markets and transports crude oil and natural gas. Chevron is also involved in chemical manufacturing, mining operations, power generation and energy services. In early October, the company announced a stock buyback, targeting a repurchase rate of $500 million to $1 billion per quarter. This action signals the company's resolve to exploit the stock's currently discounted price. Chevron has light downstream exposure, backed by a very credible restructuring theme and a high quality, growth-oriented upstream portfolio, according to analysts at J.P. Morgan. The company is expected to report earnings of $8.96 per share for 2010 and $9.36 per share for 2011, up from $5.24 a share in 2009, according to analysts polled by Bloomberg. Of the 25 analysts covering the stock, 19 have buy recommendations and six have hold recommendations. Currently, the stock is trading at an attractive forward price-to-earnings ratio of 8.9. That compares with 11.4 for Exxon Mobil's ( XOM), 10.0 for ConocoPhillips ( COP) and 14.2 for Occidental Petroleum ( OXY).