The firm upgraded shares of the oil giant to buy from neutral Monday and raised its price target to $187.
Goldman Sachs thinks Chevron is on the verge of a breakout. The firm upgraded shares of the oil giant to buy from neutral Monday and raised its price target to $187 from $166 per share. That implies roughly 18% upside from Friday's close. Chevron has struggled this year, slipping 11.5%, while the S & P 500 is up 19% in that time. CVX YTD mountain Chevron stock has slumped more than 11% since January.
"We highlight that from 2024-2026, we expect a sharp improvement in ROCE [return on capital expenditures], production per share growth and FCF [free cash flow] per share, all enabling a top decile return of capital profile in the S & P100," Mehta said. The analyst added that Chevron will also benefit from strong production from the Tengiz oil field, as well as a swath of other projects in the Gulf Mexico coming to fruition.
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