Chevron shares look cheap – should you invest?

Oil giant Chevron (NYSE: CVX) has underperformed the broader energy sector by a significant margin, with a return of just 16% for the year. The company has greater exposure to oil prices than some peers – a $1-per-barrel drop in the price of Brent, for example, costs the company $600 million in cash flow. Continued progress in the Middle East peace talks has had a positive impact on oil prices, however. Since the beginning of the month, the price of Brent crude has fallen by around $1