Chevron Stock Price Targets Raised as Venezuela Oil Deal Moves Forward
TLDR
- Chevron stock is trading around $201, close to its all-time high of $210
- President Trump announced a 25-year deal for US companies to develop Venezuelan oil
- American companies are expected to invest over $100 billion in Venezuela
- Chevron is expected to be the main beneficiary, possibly announcing an expansion deal this week
- Morgan Stanley raised its Chevron price target from $210 to $218
Chevron stock is sitting close to its all-time high of $210, trading at around $201. Investor attention has turned to a major new oil deal in Venezuela that could reshape the companyโs future.
President Trump announced a 25-year agreement allowing US companies to develop Venezuelan oil resources. The goal is to boost Venezuelaโs crude output to 1.5 million barrels per day.
American companies are expected to invest more than $100 billion in the country. The Venezuelan government would receive over $209 billion in taxes from the arrangement.
Chevron is the only large US company currently active in Venezuela. It already holds three joint ventures with state oil company PdVSA, making it the natural frontrunner to expand under the new deal.
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