Barclays has adjusted its rating for Chevron (CVX, Financial), moving it from "Overweight" to "Equal Weight" while also lowering its price target from $171 to $152. This decision primarily stems from concerns over the company's valuation, as Chevron's shares are currently trading at a premium compared to its industry peer, Exxon Mobil (XOM).
The financial firm highlighted that despite the possibility of a reduction in stock buybacks over the next two quarters, Chevron's shares remain relatively high. Barclays perceives a balanced risk-to-reward scenario for Chevron, particularly in comparison to its involvement with Hess.
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 24.76% from the current price of $137.30. 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 12.99% from the current price of $137.3. 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.
