** Chevron CVX.N surpassed analyst expectations for its Q2 earnings on Friday, driven by record oil and gas output and reduced capital spending that helped counterbalance the effects of lower crude prices
** Median PT of 25 brokerages covering the stock is $169 - LSEG data
FROM UNCERTAINTY TO OIL CERTAINTY
** J.P.Morgan $(NA)$ says the Hess merger eliminates a major uncertainty and strengthens Chevron's long-term cash flow outlook, driven by its 30% interest in Guyana's premium oil assets
** Morgan Stanley ("overweight"; PT: $174) says Chevron's Hess deal removes a key overhang, strengthens its business and supports growth, with leading free cash flow momentum into 2026 offsetting a less clear long-term outlook versus peers
** BofA ("buy"; PT: $170) says Chevron's free cash flow will rise to $12.5 bln in 2026 driven by Hess assets and easing capex, while its strong balance sheet offers downside protection and upside leverage to oil prices
** Barclays ("equal weight"; PT: $160) says CVX is showing strong operational performance and asset outperformance, which should drive $14.5 bln in free cash flow growth by 2026
(Reporting by Rashika Singh in Bengaluru)
((rashika.singh@thomsonreuters.com))
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