UBS analyst Josh Silverstein has reiterated their bullish stance on CVX stock, giving a Buy rating on November 3.
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Josh Silverstein has given his Buy rating due to a combination of factors highlighted in Chevron’s recent performance and future prospects. The company reported a strong third-quarter earnings beat, with adjusted earnings per share surpassing expectations, driven by robust performance in both its Upstream and Downstream segments. This positive momentum is further supported by Chevron’s efficiency gains in the Permian Basin, where production exceeded targets, and the successful advancement of the Ballymore project.
Looking ahead, Silverstein anticipates significant growth drivers from Chevron’s operations in regions like Guyana and the Eastern Mediterranean, as well as potential developments in Argentina and the company’s Power Venture. These factors, combined with expected updates on technology advancements and low carbon investments, suggest a more capital-efficient outlook for Chevron. The analyst also notes the company’s strategic focus on maintaining production levels while optimizing free cash flow, setting a positive trajectory into 2026.
In another report released on November 3, Morgan Stanley also maintained a Buy rating on the stock with a $177.00 price target.