Melius Research upgraded shares of Chevron (CVX) to Buy with a $205 price target, citing increased exploration activity and potential upside from Venezuela. The firm noted Chevron’s 50% increase in exploration spending and an expanded acreage position, with plans to drill 10-15 exploration wells in key regions. Analyst James West also highlighted leadership changes and new opportunities in Libya and Iraq as factors contributing to the bullish outlook.
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Chevron (CVX) Gains Bullish Outlook as Exploration Spending Rises
Melius Research upgraded shares of Chevron (CVX) to Buy with a $205 price target, citing increased exploration activity and potential upside from Venezuela. The firm noted Chevron’s 50% increase in exploration spending and an expanded acreage position, with plans to drill 10-15 exploration wells in key regions. Analyst James West also highlighted leadership changes and new opportunities in Libya and Iraq as factors contributing to the bullish outlook.