Sam Boughedda

Jason Gabelman, Cowen analyst, raised the price target for his firm. Chevron (NYSE:) To $179 From $165 On Tuesday. Investors were told by Mike Wirth that they feel the company is in a good position to return cash to cycle and a disciplined strategy. They also see oil prices rising through the year.

Chevron has yet to see demand decline, but Europe might be the most likely place, according to Gabelman. He also said that the company is looking at expanding its global gas presence, which could include the eastern Mediterranean.

Analyst wrote that CVX wants to grow its global gas footprint. He also noted the operational diversity of CVX’s footprint is a way to keep contractual obligations in check. CVX also has Egypt-bound acreage that is not yet explored in the eastern Mediterranean. These results may determine whether the company employs FLNG in Egypt, or if it uses locally available Lng Ullage.

Gabelman stated that CVX is an outperformer due to its potential for FCF growth throughout 2026. This should allow it to fund dividend growth as well as share repurchases.

Neil Mehta, a Goldman Sachs analyst, raised Chevron’s price target to $181, from $160. He maintained a Neutral rating.

Mehta commented: “After the US close on Monday, June 6, Goldman Sachs Commodities Research raised the global team’s price view for 2H2022/2023 from $125/$115 per bbl to $135/$125 per bbl vs. spot levels near $120/b, still well ahead of the forward curve.”

CVX shares rose more than 1% on Tuesday