Piper Sandler Reiterates Overweight Rating on Chevron (CVX)

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

The analyst commented, "We believe the overhang of the ongoing arbitration over the HES transaction has left Chevron in a relative state of "purgatory" that has overshadowed an increasingly positive near-term outlook at CVX. We are incrementally positive on the stock heading into YE on a combination of strong underlying portfolio momentum and relative valuation discount. While the somewhat binary nature of the deal-related outlook (and the 9-month wait time) has made it hard to for investors to put money to work, we view CVX's relative valuation as implying 60%-70% chance of deal failure, see 3-to-1 positive risk-reward if deal closes, and see an advantaged combination of growth (6%/yr CFO growth) and shareholder returns (10% of market cap via div/buyback in 2025), with FCF inflecting materially higher in 2H25, while trading at too wide of a discount vs. its closest peer. 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 $160.36 yesterday.

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