div > div.group > p:first-child"> The major oil company tumbled 5% on Friday in its biggest one-day drop since February 2018 after announcing a $33 billion deal to buy Anadarko Petroleum. Occidental Petroleum also reportedly is interested in the oil and gas exploration company.
"Even though the group as a whole seems to be getting a boost, obviously Chevron, the buyer, is not," Tatro said on CNBC's"Trading Nation" on Friday."You've got to look at a name like this that is trading 14 to 15 times forward earnings. … Obviously they're spending $30 billion to try to grow that profit, so we like the acquisition."
"We need to do a lot more work really into the fundamentals to see how this will be accretive to the bottom line," said Tatro."Basically it expands their shale play, their deep-water drilling, so it's hard to do but ultimately I think this is a day where you've got to hold your nose and you go in and you add to your Chevron position."
Craig Johnson, chief market technician at Piper Jaffray, is more conservative on the energy group as a whole.
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