Chevron (CVX) Analysts Raise Price Target to $240 with 3.5% Yield

Chevron (CVX) paid a quarterly dividend of $1.78 per share, resulting in an annualized dividend of $7.12, which offers a yield of about 3.5%. Goldman Sachs analyst Neil Mehta increased his price target for CVX to $240 from $225 after a meeting with senior leadership. The company plans to more than double production in Venezuela to 600 kbd by 2031 through joint ventures. These strategies, along with advanced technology initiatives, aim to enhance free cash flow and reduce capital spending per barrel in U.S. shale by 25% in 2026, making it a noteworthy option for income-seeking investors.