Analyst Jean Ann Salisbury from Bank of America Securities maintained a Buy rating on Chevron and keeping the price target at $183.00.
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Jean Ann Salisbury’s rating is based on Chevron’s promising long-term growth prospects and financial strategies. The company has projected a free cash flow growth of over 10% CAGR through 2030, which is expected to significantly enhance shareholder value. This growth is supported by Chevron’s strategic acquisitions and operational efficiencies, such as structural cost reductions and synergies from the Hess acquisition, which are anticipated to improve financial performance.
Furthermore, Chevron’s focus on upstream growth, particularly in regions like the Permian Basin, Guyana, and Argentina, is expected to drive production increases and margin improvements. The company’s investment in innovative projects, including an AI-powered downstream growth initiative, further strengthens its growth outlook. These factors, combined with Chevron’s strong free cash flow generation potential and project execution capabilities, underpin the Buy rating, suggesting confidence in the company’s ability to meet or exceed its targets by 2030.
According to TipRanks, Ann Salisbury is an analyst with an average return of -2.9% and a 46.28% success rate. Ann Salisbury covers the Energy sector, focusing on stocks such as Oneok, Targa Resources, and Chevron.
In another report released yesterday, RBC Capital also reiterated a Buy rating on the stock with a $175.00 price target.