Chevron price target lowered to $154 from $156 at Truist

Truist lowered the firm’s price target on Chevron to $154 from $156 and keeps a Hold rating on the shares. The company continues to set Permian production records with the short cycle play being the key free cash flow driver, though Chevron fell short of estimates again sequentially largely as a result of weakness in commodity prices and downstream results, the analyst tells investors in a research note. Chevron continues to have a host of other traditional and new energies businesses including new exploration plays in West Africa and South America along with the ACES green hydrogen project and commissioning of the Geismar renewable diesel plant expansion, the firm added.