Chevron (CVX) PT Raised to $250 at HSBC

HSBC analyst Kim Fustier raised the price target on Chevron (NYSE: CVX) to $250.00 (from $218.00) while maintaining a Buy rating.

The analyst comments: “We retain our Buy rating on Chevron. The company is highly sensitive to higher oil prices given its high upstream skew and liquids content, though it benefits less than peers from strong global gas/LNG prices and refining margins. The downward revision to our 2027 US Henry Hub gas prices is a modest negative offset, which impacts Chevron more than most peers. Overall, Chevron’s revised earnings and cashflow outlook are significantly strengthened with our new assumptions: our 2026-28e CFFO forecasts increase by 15%, 46%, and 23%, respectively; the 2027 uplift to cashflow is the biggest in our coverage. Note that Chevron’s practice of including “timing effects” in adjusted earnings means that quarterly profits are unusually volatile compared to peers, but the impact is smoothed out over time.”

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