Piper Sandler Reiterates Overweight Rating on Chevron (CVX); 'Poised For Material FCF Acceleration'

Piper Sandler analyst Ryan Todd reiterated an Overweight rating and $184.00 price target on Chevron (NYSE: CVX).

The analyst said: "We spent time with CVX management last week on the back of the release of its 2025 capital budget, including dinner with CEO Mike Wirth, and two days of hosted meetings with CFO Eimear Bonner. The message of both was positive: CVX is shifting from a period of elevated project spend towards one of increased cash flow harvest, with 2025 capex down ~$2.0B YoY, and $6.0-$7.0B of underlying FCF growth into 2025 (@$60/bbl Brent). With an advantaged 5-year growth profile, accelerating FCF generation, attractive and sustainable shareholder returns (~10% cash return in 2025), and a resource base that has better depth/ optionality than appreciated, we view CVX as attractive vs. peers. Maintain Overweight."

For an analyst ratings summary and ratings history on Chevron click here. For more ratings news on Chevron click here.

Shares of Chevron closed at $155.24 yesterday.

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