Chevron price target raised to $183 from $182 at Bernstein

Bernstein raised the firm’s price target on Chevron to $183 from $182 and keeps an Outperform rating on the shares. The firm notes Chevron reported Q4 and full year 2023 results on Friday. Concern on Tenghiz was evident in the Q3 call and sentiment has turned positive there, Bernstein says. The team was able to reverse several operational constraints and deliver meaningful growth of about 10% quarter-over-quarter. Company-wide production was up 4% year-over-year, and jet fuel demand led to 5% higher product sales. A record $26B in cash returned to shareholders represented a “whopping” 75% of free cash flow, Bernstein adds.