Mizuho raises Chevron stock price target on Venezuela expansion

Mizuho Financial Group has lifted its price target for Chevron Corporation, raising it to $234 from $224. The financial institution maintains an "Outperform" rating on Chevron's shares, which are currently trading around $211.98, close to its 52-week high of $217.78. Mizuho anticipates a modest downward adjustment to the company's third-quarter 2026 cash flow from operations and earnings per share estimates, primarily due to timing effects in its upstream operations.

The firm expects roughly a 6% drop in cash flow estimates and 14% decline in earnings per share estimates. Chevron has been expanding its presence in Venezuela, committing $7 billion over five years to double its production capacity to around 600,000 barrels per day. The company has also reduced its stake in Hess Midstream and made progress on Project Kilby.

InvestingPro Tips indicate Chevron has increased its dividend for 38 consecutive years, offering a 3.36% yield—a feature among ten exclusive tips accessible to subscribers. Additionally, subscribers can access a comprehensive Pro Research Report on Chevron and 1,400+ other US equities. Chevron management is addressing the eventual retirement of Chairman and CEO Mr. Wirth.

Recent developments at Chevron have piqued investor interest, with UBS raising its price target to $235 and HSBC increasing it to $250, both highlighting the company's focus on higher crude prices and upstream operations.