NEW YORK (TheStreet) -- Chevron (CVX) shares are up 1.2% to $126.47 on Wednesday following the announcement of a settlement in the litigation the company brought against a Washington D.C. law firm.
The firm, Patton Boggs, agreed to drop its own lawsuit against the oil company and settle a counter suit brought by Chevron for $15 million.
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Chevron alleged that the influential lobbying firm engaged in fraud while it attempted to enforce a multibillion-dollar judgement against the oil company on behalf of a group of Ecuadorean villagers.
The verdict of that lawsuit was overturned in March after a U.S. court ruled that the decision was invalid due to rampant incidences of bribery and fraud during the Ecuadorean court proceedings.
TheStreet Ratings team rates CHEVRON CORP as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate CHEVRON CORP (CVX) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, attractive valuation levels and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had somewhat weak growth in earnings per share."