Truist analyst Neal Dingmann lowered the firm’s price target on Chevron (CVX) to $160 from $164 and keeps a Hold rating on the shares. The company continues to boost production, but the upcoming Permian growth is likely to be less than seen in prior quarters as capital spend has slightly decreased, the analyst tells investors in a research note. A revised overall capital spend plan is likely to be laid out after the May hearing where a decision will be made whether Chevron is allowed to acquire Hess (HES), the firm added.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CVX:
- AI Daily: OpenAI unveils AI research tool ‘Deep Research’
- Chevron, Exxon (NYSE: XOM) Steady as OPEC+ Sticks to Oil Plan Amid Volatile Session for Crude
- Chevron price target lowered to $175 from $180 at Raymond James
- Trump finding resistance to drill in oil market, WSJ reports
- Exxon, Chevron betting part of their future in supplying energy, Bloomberg says