Sep. 16 at 2:06 PM
Goldman Sachs has increased Chevron’s price target to
$240 from
$225, implying a 10.2% upside from Tuesday’s close.
Goldman Sachs’ Neil Mehta said the company’s global expansion and strong international relationships, as well as its continued development of new technologies and focus on cost and capital, as factors supporting the energy company’s growth.
“Management continues to expand international growth opportunities, driving high-margin production outside North America and increasing frontier plays. Of particular focus is Venezuela, where the company expects to more than double gross production from ~280 kbd to ~600 kbd by 2031 across three joint ventures,” Mehta wrote on a Wednesday note to clients.
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