Chevron (CVX) Price Target Raised by Bernstein on Stronger Crude Backdrop

Chevron Corporation (NYSE:CVX) is included among the Dividend Kings and Aristocrats List: 32 Biggest Stocks.

On March 22, Bernstein raised its price recommendation on Chevron Corporation (NYSE:CVX) to $216 from $194. It reiterated a Market Perform rating on the shares. The firm said it updated its models across the energy and transportation group to reflect current crude prices and crack spreads, while noting there is still a wide range of possible outcomes. The analyst also pointed out that conflicts that stretch beyond a few weeks often last for years. Given that level of uncertainty and what the firm described as “right tail risk,” it continues to favor adding exposure to energy.

A day later, on March 23, Reuters reported that Chevron is seeing progress in Venezuela as oil production increases. At the same time, CEO Mike Wirth said more work is needed to improve the legal and investment environment. Interest in Venezuela’s energy sector has picked up again after political changes earlier this year and calls for significant new investment to rebuild the industry.

Wirth said access to international arbitration will be important for companies looking to invest. He also noted that recent changes to the country’s oil laws are broad and still require more specific incentives to attract capital.

Chevron Corporation (NYSE:CVX) operates as an integrated energy company. The company is involved in producing crude oil and natural gas, as well as manufacturing fuels, lubricants, petrochemicals, and additives. It also develops technologies that support its operations and the broader energy industry.

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