Chevron’s Price Target Raised at Mizuho Securities

Chevron’s Price Target Raised at Mizuho Securities March 20, 2024, 8:50 a.m., readers: 3

Mizuho Securities analysts raised Chevron (NYSE:CVX) price target to $200 from $195, keeping a Buy rating on the stock. Mizuho's update is based on Chevron's year-end 2023 reserves, noting the company had outperformed its peers by approximately 4% due to robust Q4 2023 earnings until February 26. This trend shifted following the S-4 filing related to Chevron's proposed acquisition of Hess, after which Chevron underperformed by about 6%. Concerns have arisen among investors regarding the deal's completion, especially with ExxonMobil and its partners entering arbitration to claim their 'right of first refusal' on Hess's 30% interest in Guyana. Despite these challenges, the analysts anticipate the deal will close by September 30, later than the initially expected June 30, and still see around 19% upside to Chevron's standalone net asset value (NAV), reaffirming it as a top pick.

About NYSE: CVX

C hevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas;

Price: 156.28
Market cap: 290.3 billion USD
Eps: 11.36
P/e ratio: 13.76
Focus Analysis On: CVX