Goldman Sachs Raises Chevron Stock Price Target Amid Production Growth
Chevron (CVX) has seen its stock price target raised by Goldman Sachs to $240 from $225, despite a recent decline in share prices. The drop was part of broader energy sector weakness following the Federal Reserve's rate hike and signals for continued tightening. Analyst Neil Mehta maintained his Buy rating on Chevron after meetings with company leadership, citing strong earnings momentum. Chevron’s Q2 results showed adjusted earnings per share at $6.06—surpassing expectations—and a 51% year-over-year revenue increase to $67.2 billion. Downstream earnings jumped significantly from $737 million in the same quarter last year to $4.87 billion this year, highlighting operational strength. Chevron's U.S. production reached nearly 2.1 million barrels of oil equivalent per day and exceeded cost-reduction goals ahead of schedule. The company also secured a long-term power supply deal with Microsoft for its data center initiative.
Topics: Chevron energy stocks Goldman Sachs price target increase