Jefferies raised its price target for Chevron Corp. (CVX) to $189 from $174. The firm maintained a 'Buy' rating on the stock.
Analyst Lloyd Byrne cited expectations that Chevron will report fourth-quarter earnings per share (EPS) 2% higher than the consensus estimate.
The analyst note indicated investors are focused on several key developments. These include operations in Venezuela, production at Tengizchevroil (TCO) in Kazakhstan, and the company’s gas-to-AI outlook.
Following the positive analyst coverage, shares of Chevron increased over 2% during trading on Wednesday.