Wolfe Research upgraded Chevron Corporation to an Outperform rating. The firm cited a strong cash flow outlook as the primary driver for the upgrade.
Chevron recently signed a 20-year agreement to supply electricity to a Microsoft AI-focused data center in Texas. This partnership establishes a growth path for the company beyond its traditional oil and gas operations.
Management is currently reviewing additional data-center power projects across the United States. Financial disclosures also show that Representative David Taylor purchased Chevron shares in mid-June.