Chevron Stock Gets Boost from Goldman Sachs' $240 Price Target

Chevron's stock price has received a boost from Goldman Sachs, which raised its price target to $240 per share from $225. Despite this, Chevron's shares slipped 2.9% on Wednesday to close at $211.

The drop in Chevron's stock price was part of a broader market selloff following the Federal Reserve's decision to raise interest rates and signal potential future tightening. This move put pressure on oil prices and the wider market.

Goldman Sachs analyst Neil Mehta maintained his Buy rating for Chevron, citing confidence in the company's earnings momentum. He based this assessment on a series of meetings with Chevron leadership.

Chevron's Q2 results showed adjusted earnings of $6.06 per share, beating analysts' expectations by nearly 9%. Revenue jumped 51.4% year-over-year to $67.20 billion, with downstream earnings surging to $4.87 billion from just $737 million in the same quarter last year.

The company's operational strength was highlighted in its Q2 earnings call, which detailed real growth behind those numbers. Global upstream production grew more than 5% quarter-over-quarter, with U.S. production reaching a new record of nearly 2.1 million barrels of oil equivalent per day.