Chevron price target lowered to $160 from $164 at Truist

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.