Wells Fargo Raises Chevron (CVX) Price Target to $196 After Positive Investor Day

Core Viewpoint - Chevron Corporation (NYSE:CVX) is recognized as a strong long-term investment option, particularly highlighted by its positive investor day and growth projections through 2030 [1][2][3]. Group 1: Analyst Ratings and Price Target - Wells Fargo analyst Sam Margolin raised Chevron's price target to $196 from $190, maintaining an Overweight rating, following a positive investor day [2]. - The analyst emphasized that Chevron's updates indicate solid free cash flow and dividend growth, supported by both new and existing assets [2]. Group 2: Financial Projections and Growth Plans - Chevron expects to grow its adjusted free cash flow and earnings per share by more than 10% annually through 2030 [3]. - The company has several major expansion projects underway or planned, including its acquisition of Hess, which enhances its position in the Stabroek Block offshore Guyana [3]. Group 3: Company Overview - Chevron operates as a global energy company involved in the exploration, production, refining, and marketing of oil and natural gas [4].