BUZZ-Piper Sandler raises Chevron PT

Reuters12-04 22:38
BUZZ-Piper Sandler raises Chevron PT

** Brokerage Piper Sandler raises PT on U.S. energy major Chevron CVX.N to $178 from $168, a 17.4% upside to the stock's last close

** CVX expects 2026 capex at $18 bln to $19 bln, versus earlier forecast of $18 bln to $21 bln

** Brokerage cuts co's 2026 capex estimate to $18.5 bln from $19 bln; raises free cash flow estimate to $22.7 bln from $22.2 billion

** "We view the guide as modestly additive to what was already one of the strongest near-term FCF profiles amongst peers, with advantaged capital efficiency that positions the company well" - brokerage

** As of last close, shares up 4.6% YTD

(Reporting by Varun Sahay in Bengaluru)

((Varun.sahay@thomsonreuters.com))

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