Chevron price target raised to $166 from $156 at Truist

Truist raised the firm’s price target on Chevron to $166 from $156 and keeps a Hold rating on the shares. The company is likely to continue boosting traditional and renewable activity, resulting in higher production this year while simultaneously boosting capital spend potential, resulting in flat to slightly lower sequential annual free cash flow, the analyst tells investors in a research note. Chevron maintains strong operations and execution, but its valuation remains a slight premium to its peers, the firm added.