TD Cowen analyst Jason Gabelman maintained a Hold rating on Chevron today and set a price target of $160.00.
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Jason Gabelman has given his Hold rating due to a combination of factors influencing Chevron’s financial outlook. The company faces non-operational headwinds in its Upstream segment and lower refining margins on the West Coast, leading to a reduction in the earnings per share estimate for the third quarter of 2025. Despite these challenges, Chevron’s free cash flow projections remain slightly above consensus, which provides some positive outlook.
Additionally, Gabelman is awaiting further insights from Chevron’s upcoming Investor Day, where potential cost-cutting measures and strategic opportunities could be discussed. These include possible growth in regions like Argentina, Eastern Mediterranean, and Equatorial Guinea, as well as the impact of the recent El Segundo fire on production. The Hold rating reflects a cautious stance, balancing current challenges with potential future developments.
Gabelman covers the Energy sector, focusing on stocks such as Chevron, Shell, and TotalEnergies. According to TipRanks, Gabelman has an average return of 6.5% and a 58.57% success rate on recommended stocks.
In another report released on October 7, Barclays also maintained a Hold rating on the stock with a $158.00 price target.