Argus Lifts Chevron Price Target to $203; Eyes Syrian Offshore Exploration
Argus Research raised its Chevron price objective to $203 from $183 while maintaining a Buy rating after a Q4 earnings beat, highlighting sustained dividend and buyback programs. Chevron also signed a memorandum with Syrian Petroleum Company and UCC Holding to assess offshore oil and gas exploration off Syria’s Mediterranean coast.
1. Argus Research Boosts Price Objective to $203
On February 3 Argus Research increased its price objective on Chevron to $203 from $183 and maintained a Buy rating following the company’s Q4 earnings beat, citing its long history of returning cash to shareholders through dividends and share buybacks across oil price cycles.
2. Chevron Signs Offshore Syria MOU with Syrian Petroleum Company and UCC Holding
On February 4 Chevron entered a memorandum of understanding with the Syrian Petroleum Company and Qatar-based UCC Holding to conduct an initial assessment of offshore oil and gas exploration opportunities along Syria’s Mediterranean coastline, positioned between major gas discoveries in Israel and Egypt.
3. Notable Shareholder Transactions
Insider Andrew Benjamin Walz sold 22,200 shares at an average price of $176.53 for roughly $3.92 million; Canada Post Corp’s pension plan boosted its stake by 8,117 shares, a 15.3% increase; and Carlson Capital acquired 4,500 shares valued at $699,000.