Chevron upgraded at Wolfe on strong cash flow outlook

Wolfe Research upgraded Chevron (CVX) to Outperform with a $210 price target, citing strong long-term free cash flow prospects obscured by commodity volatility. The upgrade highlights new development opportunities in Guyana, Venezuela, Libya, and Iraq, which could extend production growth beyond 2030. Analyst Doug Leggate notes that the Hess acquisition is generating financial benefits, with Guyana expected to become the largest contributor to free cash flow, enhancing resilience against weaker oil prices.