Goldman Sachs raised its 12-month price target for Chevron to $216. The revision increases the target from the previous $211 level. The investment bank maintained its Buy rating for the energy giant. Analysts cited resilient upstream fundamentals and strong operational execution for the update. Goldman Sachs also expressed confidence in the company’s future cash flow outlook.
TD Cowen increased its price objective to $205. The firm maintained a Hold rating on the stock. Chevron reported first-quarter results on May 1st. The company significantly exceeded earnings per share estimates for the period.
Chevron distributed $3.5 billion in dividends during the quarter. The company also completed $2.5 billion in share repurchases. Goldman Sachs highlighted the strength of Chevron's production base and international LNG assets.