Chevron Secures 70% Stake in Four Greek Blocks, Price Target Up to $205
Chevron shares dipped 1.2% to $179.87 following an analyst upgrade to buy and a price target increase to $205 from $155. The company also secured a 70% interest in four offshore Greek hydrocarbon exploration blocks under new lease agreements with the Hellenic Republic.
1. Analyst Upgrade and Market Reaction
Chevron shares fell 1.2% to $179.87 after an analyst raised the rating to buy and lifted the price target to $205 from $155. The stock remains above its ascending 20-day moving average and is trading near a three-year high of $186.52, reflecting an 18% gain year-to-date.
2. Strategic Offshore Blocks Partnership
Chevron secured leases for four offshore Greek blocks—South Crete 1, South Crete 2, South of Peloponnese and Block A2—under agreements with the Hellenic Republic. Chevron holds a 70% operating interest while HELLENiQ ENERGY holds 30%, positioning the company for potential natural gas discoveries in the eastern Mediterranean.