Raymond James has revised its price target for Chevron (CVX, Financial) shares, reducing it from $175 to $161, while maintaining an Outperform rating. This adjustment comes as the firm recalibrates its first-quarter estimates for major oil companies to align with the actual commodity prices experienced during the period.
The review by Raymond James highlights that the initial quarter was bolstered by stable oil prices and robust natural gas rates. However, since then, both have experienced significant volatility, impacting market expectations. Despite these fluctuations, Chevron’s downstream operations continue to encounter challenges, presenting ongoing obstacles for the company.
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.
