10:45 AM EDT, 04/08/2026 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Our 12-month target of $206, up $20, reflects EV/EBITDA and DCF analyses. We apply a 7.3x multiple of EV to projected 2027 EBITDA, above CVX's historical forward average, but below peak levels, yielding $180 per share. Our DCF model, using FCF growth of 7.2% per year for 10 years and 2.0% thereafter, discounted at 6.3%, yields $232 per share. WTI prices averaged $75/b in Q1, and we now see an average of $108/b over the remainder of 2026 (versus a low $60/b range in our prior oil price forecast). Still, we remain concerned about how such high prices in 2026 could adversely affect the economy in 2027. WTI spot prices are down 18% this morning to $93/b on the news, per the Wall Street Journal, that a two-week cease-fire can be reached if Iran re-opens the Strait of Hormuz. While we hope this implies that geopolitical risk tensions will subside, we remain skeptical and think investors should brace for further tension. We lift our '26 EPS estimate by $4.17 to $11.30, and '27's by $0.29 to $9.32.