Berkshire Boosts Chevron Stake; Melius Lifts Target to $205
Berkshire Hathaway increased its Chevron position in fourth quarter, making the oil major one of its top 10 holdings as Warren Buffett prepped his exit. Separately, Melius Research upgraded Chevron to buy with a $205 target, implying 13.5% upside from recent closing price.
1. Berkshire Increases Chevron Stake in Q4
In its fourth quarter, Berkshire Hathaway boosted its stake in Chevron, elevating the oil major into its top 10 equity holdings as Warren Buffett prepared to hand over CEO duties. This stake increase followed a 75% reduction in its Amazon position and underscores confidence in Chevron’s market position.
2. Melius Research Raises Price Target to $205
Melius Research raised its price target for Chevron to $205, representing 13.5% upside from the Feb. 17 closing price of $180.55, and maintained a buy rating. The upgrade cited Chevron’s robust free cash flow generation, stable dividends, and resilience through fluctuating crude oil prices, with shares already up 18.5% year-to-date.