** Chevron CVX.N reported fourth-quarter earnings below Wall Street estimates on Friday as weak margins dragged its refining business into a loss for the first time since 2020

** In 2023, oil and gas producer Hess agreed to sell itself to Chevron for $53 billion in stock, but the deal has run into legal trouble

** Median PT of 25 brokerages covering the stock is $175.50 - data compiled by LSEG

STRONG KEY ASSETS

** Morgan Stanley says performance of key assets (Permian and TCO) remains strong** Forecasts ~8% FCF (free cash flow) yield in 2025, rising to ~10% in 2026

** BofA Global Research ("buy," PO: $180) says new production at TCO, progress in the Gulf of America, growth in the Permian Basin and cost-cutting should drive $10 billion of annual FCF by 2026

** Wolfe Research ("peer perform,") says "the big story is whether Hess can close; but a success case is not a panacea for a re-rating, but can help long-term dividend visibility"

** Morningstar (fair value: $176) says management has a strong track record, and expects it to address lagging returns** "Production growth of 6% per year through 2026 is robust, but growth beyond that is uncertain. The acquisition of

Hess will help address these issues, but it is also uncertain," brokerage says

(Reporting by Joel Jose in Bengaluru)

((joeljose@thomsonreuters.com))