Chevron Corp. (CVX) shares reached a new 52-week high on Tuesday. Wells Fargo & Company increased its price target on the stock. The firm raised the target to $204.00 from $196.00, maintaining an 'overweight' rating. The stock traded as high as $177.38 during the day.
Analysts cite Chevron's consistent dividend growth and operational efficiency as key strengths. The company recently announced a dividend increase for the 39th consecutive year. These factors support a bullish outlook on the stock.