Analyst Roger Read from Wells Fargo reiterated a Buy rating on Chevron (CVX – Research Report) and decreased the price target to $173.00 from $184.00.
Roger Read has given his Buy rating due to a combination of factors that reflect a positive outlook for Chevron despite some adjustments. The revised price target of $173, down from $184, is influenced by increased depreciation and amortization in the upstream sector and adjustments in production volumes following asset sales. However, these factors are partly balanced by stronger expectations for downstream margins in the first quarter of 2025.
Additionally, the decision to maintain a Buy rating is supported by Chevron’s strategic moves, including the purchase of $2.3 billion in Hess shares, which indicates confidence in future growth. While there are macroeconomic uncertainties such as tariff disputes and fluctuating oil prices, the company’s stable cash flow and capital allocation strategies, including share repurchases, provide a solid foundation for continued investment. These elements collectively underpin the optimistic view of Chevron’s stock performance.
In another report released yesterday, Piper Sandler also maintained a Buy rating on the stock with a $173.00 price target.
CVX’s price has also changed moderately for the past six months – from $151.780 to $135.320, which is a -10.84% drop .