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Investing.com - Melius Research initiated coverage on Chevron (NYSE:CVX) with a Hold rating and a price target of $155.00 on Wednesday. According to InvestingPro data, the energy giant currently trades at $152, with analysts’ targets ranging from $124 to $192.
The research firm highlighted Chevron’s global operational presence, noting the company maintains operations in over 180 countries worldwide.
Melius pointed to Chevron’s balanced portfolio across upstream, downstream, and chemicals segments as a key factor in its assessment.
The firm compared Chevron to Exxon (NYSE:XOM), identifying both companies as leaders in deepwater operations.
Melius also noted Chevron’s increasing focus on low carbon solutions, including renewable fuels, carbon capture, and hydrogen technologies.
In other recent news, Chevron Corporation announced the issuance of $5.5 billion in senior unsecured notes through its subsidiary, Chevron U.S.A. Inc. The notes come in various tranches with maturities ranging from 2027 to 2035, including both fixed and floating rate options. In addition, Chevron has chartered a tanker to load crude oil from Venezuela’s PDVSA’s Jose terminal, marking the first shipment to the United States under a new U.S. government license. Analyst activity around Chevron has been notable as well, with Goldman Sachs raising its price target to $177, citing a positive outlook on the company’s free cash flow. Morgan Stanley (NYSE:MS) has resumed coverage of Chevron with an Overweight rating following the company’s acquisition of Hess Corporation (NYSE:HES), indicating the removal of a significant overhang. These developments are indicative of Chevron’s strategic financial maneuvers and operational expansions.
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