Chevron Corp. (CVX, Financial) has commenced the extraction of oil and natural gas at its Ballymore subsea tieback located in the deepwater Gulf of Mexico. This venture is anticipated to yield up to 75,000 gross barrels of oil daily, achieved through three wells that are connected to the Chevron-operated Blind Faith facility, which is three miles away.
This development marks a significant step towards Chevron's strategic goal of reaching a production level of 300,000 net barrels of oil equivalent per day from the Gulf by 2026. Chevron U.S.A. holds a majority operational stake of 60% in the Ballymore project. The remaining 40% is owned by co-investor TotalEnergies E&P USA, a division of TotalEnergies SE (TTE).
Wall Street Analysts Forecast
Based on the one-year price targets offered by 22 analysts, the average target price for Chevron Corp (CVX, Financial) is $171.29 with a high estimate of $197.00 and a low estimate of $140.00. The average target implies an upside of 24.24% from the current price of $137.87. More detailed estimate data can be found on the Chevron Corp (CVX) Forecast page.
Based on the consensus recommendation from 25 brokerage firms, Chevron Corp's (CVX, Financial) average brokerage recommendation is currently 2.2, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Chevron Corp (CVX, Financial) in one year is $155.13, suggesting a upside of 12.52% from the current price of $137.87. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Chevron Corp (CVX) Summary page.
