Mizuho Securities analysts raised Chevron (NYSE:CVX) price target to $200 from $195, keeping a Buy rating on the stock. Mizuho's update is based on Chevron's year-end 2023 reserves, noting the company had outperformed its peers by approximately 4% due to robust Q4 2023 earnings until February 26.

This trend shifted following the S-4 filing related to Chevron's proposed acquisition of Hess, after which Chevron underperformed by about 6%. Concerns have arisen among investors regarding the deal's completion, especially with ExxonMobil and its partners entering arbitration to claim their 'right of first refusal' on Hess's 30% interest in Guyana.

Despite these challenges, the analysts anticipate the deal will close by September 30, later than the initially expected June 30, and still see around 19% upside to Chevron's standalone net asset value (NAV), reaffirming it as a top pick.