Chevron shares fell 1.95% to $180.15 as the stock traded ex-dividend and global supply fears eased following the reopening of the Strait of Hormuz. The decline occurred despite a notable analyst upgrade and positive developments regarding the company's international production expansion.
- Melius Research analyst James West upgraded Chevron to Buy with a $205 price target, citing strong production growth catalysts.
- Market sentiment shifted as Iran reopened the Strait of Hormuz after naval drills, leading to a retreat in crude prices.
- The company continues to advance its strategic footprint through the processing of Venezuelan crude and a planned re-entry into Libya.