Neutral But Noteworthy: Analyst Discusses Chevron's Improving Well Productivity And Future Prospects
Portfolio Pulse from Shivani Kumaresan
Mizuho Securities USA analyst Nitin Kumar reiterated a Neutral rating on Chevron Corporation (NYSE:CVX) and raised the price target from $202 to $205. The analyst expects well performance in the Permian to be the main focus for investors in 2Q23 earnings, following the underperformance of Delaware wells in 2022. The analyst also sees signs of well productivity improvements and expects total production of 2,954kboed, slightly above the guided -80kboed. However, the analyst forecasts a miss vs. consensus for EBITDA / FCF / EPS, lower by 12%, 15%, and 6%.
July 11, 2023 | 6:43 pm
News sentiment analysis
Sort by:
Ascending
NEUTRAL IMPACT
Chevron's price target has been raised from $202 to $205 by Mizuho Securities, despite a forecasted miss on EBITDA / FCF / EPS. The analyst sees signs of well productivity improvements.
The analyst from Mizuho Securities has maintained a neutral rating on Chevron and raised the price target, indicating a positive outlook. However, the forecasted miss on EBITDA / FCF / EPS could potentially impact the stock negatively in the short term. The news is highly relevant as it directly pertains to Chevron's financial performance and future outlook.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100