The revised target reflects 16% upside from Chevron’s current share price amid resilient upstream performance and production growth.
Goldman Sachs raised its 12-month price target for Chevron to $216 from $211, maintaining a Buy rating. The new target suggests 16% total return potential from the stock’s $192.64 level at the time of the report.
The adjustment follows Chevron’s first-quarter results, which highlighted operational strength despite volatile commodity markets. Production rose by 500,000 barrels per day year over year, supported by Hess assets and organic growth, with U.S. output exceeding 2 million barrels per day.
Goldman cited full-rate LNG operations at Gorgon and Wheatstone, along with record crude throughput at U.S. refineries, as key drivers. The firm also noted TCO production above 1 million barrels per day.