Chevron price target raised to $178 from $175 at HSBC

HSBC raised the firm’s price target on Chevron to $178 from $175 and keeps a Buy rating on the shares post the Q1 report. The analyst says the Hess acquisition is unlikely to close before late 2024 given the timeline of arbitration proceedings. However, Chevron’s good Permian performance and progress on Tengiz expansion confirm a solid organic growth outlook excluding Hess, the analyst tells investors in a research note.