RBC Capital raised the firm’s price target on Chevron (CVX) to $175 from $170 and keeps an Outperform rating on the shares. The company’s Q3 results incorporated a solid operational performance, culminating into an earnings and cash flow beat relative to market expectations, and while there is still the cloud of uncertainty around the Hess (HES) deal, Chevron’s commentary around peak Permian capex in 2024 should bode well for free cash flow into 2025 and beyond, the analyst tells investors in a research note.
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