Home / Business and Economy / Chevron Targets 15% Annual FCF Growth, Boosts Shareholder Returns
Chevron Targets 15% Annual FCF Growth, Boosts Shareholder Returns
17 Nov
Summary
- Piper Sandler maintains Overweight rating on Chevron
- Chevron projects 15% annual free cash flow growth through 2030
- Company plans $10-$20B in annual share buybacks at $60-$80 Brent
As of November 17, 2025, Chevron Corporation (NYSE:CVX) remains a top pick among energy stocks, with Piper Sandler maintaining an Overweight rating on the company. The firm has slightly lowered its price target for Chevron to $168 from $169, but emphasizes that the company's recent investor update was largely positive and conservative.
Chevron is expected to deliver impressive financial performance in the coming years, with a projected free cash flow per share CAGR of 15% from 2025 to 2030. The company has unveiled a five-year plan targeting steady cash flow and profit growth through 2030, while lowering its capital expenditure guidance to $18-$21 billion annually.
Furthermore, Chevron plans to return significant capital to shareholders, with plans to repurchase $10-$20 billion worth of shares per year through 2030 at average Brent prices of $60-$80. This aligns with the company's track record of leading its peers in dividend per share growth, with an average annual increase of 7% over the past 25 years.
Overall, Chevron's strong financial outlook, commitment to shareholder returns, and status as a reliable dividend payer make it a compelling investment opportunity for passive income-seeking investors.
