Chevron price target raised to $160 from $155 at Truist

Truist raised the firm’s price target on Chevron (CVX) to $160 from $155 and keeps a Hold rating on the shares. The company has highlighted its substantial inventory including ample royalties and further capital efficiency, which should likely result in a cash flow inflection next year, the analyst tells investors in a research note. Chevron’s capital efficiency will likely be driven by the Permian, which should continue to see slight growth with lower spend beginning in 2026, Truist added.