Chevron (CVX) Price Target Raised by $12 Following Better-than-Expected Q1

With an annual dividend yield of 3.85%, Chevron Corporation (NYSE:CVX) is included among the 12 Best Blue Chip Dividend Stocks to Buy Now.

Chevron Corporation (NYSE:CVX) manufactures and sells a range of high-quality refined products, including gasoline, diesel, marine and aviation fuels, premium base oil, finished lubricants, and fuel oil additives.

On May 4, Barclays analyst Betty boosted the firm’s price target on Chevron Corporation (NYSE:CVX) from $180 to $192, while maintaining an ‘Equal Weight’ rating on the shares. The raised target, which represented an upside of almost 4% from the current levels, comes after the company’s recent Q1 report reflected “resilient” operations and improving free cash flow, with momentum building into the second quarter.

Chevron Corporation (NYSE:CVX) exceeded estimates for its Q1 earnings on May 1, as its upstream business received a boost from the soaring oil prices amid the Middle East conflict. However, the company’s overall profit fell to its lowest level in five years, partly due to unfavorable timing effects tied to financial derivatives. Moreover, the oil and gas giant’s revenue of $48.6 billion also fell below estimates by $4 billion, despite a YoY growth of 2%.

Notably, Chevron Corporation (NYSE:CVX) also revealed that it is less exposed to the Middle East war compared to its peers, as less than 5% of its production comes from the region.  The company’s total production surged by 15% YoY to 3.86 mboed, largely due to the Hess acquisition and growth in the US Gulf and the Permian Basin. The company reaffirmed its target of a 7% to 10% YoY increase in production in FY 2026, while keeping its CapEx plan unchanged at $18-$19 billion.

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