Chevron price target raised to $179 from $169 at Truist

Truist analyst Neal Dingmann raised the firm’s price target on Chevron to $179 from $169 but keeps a Hold rating on the shares. The company continues to make headlines with its buybacks, disclosing a $75B repurchase authorization last week, but the announcement is more of a "catch up" call that places Chevron’s shareholder return program more on par with the large independent E&Ps, the analyst tells investors in a research note. Truist adds that it has become "a bit more cautious" on Chevron’s overall upstream operational program given the company’s suggestion of lower Permian production growth.