Piper Sandler raised the firm’s price target on Chevron to $204 from $180 and keeps an Overweight rating on the shares ahead of quarterly results. The firm views IOCs as increasingly well positioned within energy, and while near-term refining valuations probably got a bit overextended recently, there is growing investor confidence in “higher for longer” margins driven by continued market tightness into 2025+, driving far more attractive and sustainable shareholder returns than appreciated.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CVX:
- SYY, CVX: 2 Best Dividend Aristocrat Stocks with Over 15% Upside, According to Analysts
- Chevron Stock (NYSE:CVX): Thriving in an Era of Geopolitical Tensions
- XLE, VDE, FENY: 3 Must-Know ETFs as Energy Stocks Surge
- GUNR ETF: Diversified Access to Surging Commodities Stocks
- Scotiabank shakes up major oil ratings and price targets
