UBS Reaffirms Buy on Chevron (CVX) Following Investor Day Portfolio Updates and Growth Plans

Chevron Corporation (NYSE:CVX) ranks among the 9 hot energy stocks to buy. Following the company’s 2025 Investor Day, UBS reaffirmed its Buy rating on Chevron Corporation (NYSE:CVX) with a price target of $197 on November 13. Despite the lack of “a big splash” in Chevron’s investor presentation, the bank pointed out that the company’s portfolio revisions support both short-term and long-term projections.

Longer term, UBS believes that Chevron’s 2030 goals might be improved by increased volume growth, further cost reductions beyond the company’s 2027 target, and improved technology in the Permian Basin. The oil giant intends to increase free cash flow by more than 10% annually till 2030 while expanding the production of oil and gas and further cutting expenses and capital expenditures.

Additionally, Chevron Corporation (NYSE:CVX) stated that it will spend 50% more on exploration on an annual basis, focusing on the Mediterranean, West Africa, South America, and the U.S. Gulf of Mexico. It also intends to boost drilling operations to 16–20 exploration wells per year.

Chevron Corporation (NYSE:CVX) is a multinational energy company th‍at explores, produces, refines, and sells oil and natur⁠al gas products, in⁠clu​ding transportation fuels and lubricants.

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Disclosure: None. This article is originally published at Insider Monkey.