Chevron price target lowered to $169 from $175 at Truist

Truist analyst Neal Dingmann lowered the firm’s price target on Chevron (CVX) to $169 from $175 and keeps a Hold rating on the shares. The company’s acquisition of Hess (HES) in an all-equity deal for about $60B, a 5% premium using Friday’s close, could seem relatively low, the analyst tells investors in a research note, adding that the firm believed that Chevron would buy another company with more contiguous assets to their existing positions. Truist says it is cutting its price target on equity dilution, but also notes that the larger scale that will include synergies and efficiencies will provide interesting potential upside.