UBS Reaffirms Buy on Chevron (CVX) Following Investor Day Portfolio Updates and Growth Plans

Core Viewpoint - Chevron Corporation (NYSE:CVX) is highlighted as one of the top energy stocks to buy, with UBS maintaining a Buy rating and a price target of $197 following the company's 2025 Investor Day [1] Group 1: Financial Projections and Goals - UBS anticipates that Chevron's long-term goals for 2030 could be enhanced through increased volume growth, additional cost reductions beyond the 2027 target, and advancements in technology in the Permian Basin [2] - The company aims to increase free cash flow by over 10% annually until 2030 while expanding oil and gas production and further reducing expenses and capital expenditures [2] Group 2: Exploration and Investment Strategy - Chevron plans to increase its annual exploration spending by 50%, focusing on regions such as the Mediterranean, West Africa, South America, and the U.S. Gulf of Mexico [3] - The company intends to enhance its drilling operations, targeting 16 to 20 exploration wells per year [3] Group 3: Company Overview - Chevron Corporation is a multinational energy company engaged in the exploration, production, refining, and sale of oil and natural gas products, including transportation fuels and lubricants [3]