Buzz-Street View: New frontiers power Chevron's growth case

Chevron CVX.N on Friday topped analyst's estimates for second-quarter earnings, posting its strongest quarterly profit in at least six years, as disruptions linked to the Iran war tightened global energy markets and lifted earnings for major oil producers

Median PT of 27 brokerages covering the stock is $217.5 - LSEG-compiled data

Evercore ISI ("outperform," PT: $225) says Q2 results highlighted a growing opportunity pipeline, with CVX expanding its exploration portfolio and positioned to benefit from improving conditions in Venezuela and Iraq through a low-cost, low-risk approach

Morgan Stanley ("overweight," PT: $210) says CVX continues to offer long-term growth potential well above its energy-sector peers, with emerging resource opportunities in Iraq, Libya, Syria, Egypt and Venezuela providing potential upside to co's current plans

Morningstar (fair value: $192) says CVX remains well-positioned to benefit from higher oil prices through its upstream-focused portfolio, despite having a smaller refining business than some peers

RBC Capital Markets ("outperform," PT: $220) says co is well-positioned to benefit from higher commodity prices, supported by its upstream and downstream businesses and limited Middle East exposure