Wall Street Is Bullish on Chevron Stock. Here’s Our Price Target

Quick Read

• Chevron is up 31% twelvemonth to day and signed a 20-year powerfulness woody with Microsoft, but its $205 terms people implies lone 5% upside.

• ExxonMobil's cheaper P/E of 22 and stronger ROE marque Chevron's premium valuation look stretched and enactment its blimpish terms target.

• Act now: the expert who called NVIDIA successful 2010 conscionable named his apical 10 AI stocks — and Chevron didn't marque the cut. Grab the names FREE today.

Chevron (NYSE:CVX) is having a standout twelvemonth heading into the 2nd fractional of 2026. Chevron delivered Q2 2026 adjusted EPS of $6.06 and gross of $67.20 billion.

Our 24/7 Wall St. terms people for Chevron is $204.72, implying 4.99% upside from the existent $194.99 quote. Our model's standing is clasp with precocious assurance astatine 90%.

24/7 Wall St. Price Target Summary

A Blistering Run Meets a Rich Setup

Chevron shares are up 31.6% twelvemonth to day and 18.79% successful the past month, sitting conscionable 1% beneath the 52-week precocious of $212.76.

Q2 catalysts included worldwide accumulation of 4,070 MBOED, a grounds 2,077 MBOED successful U.S. upstream, 97% U.S. refinery utilization, and downstream net of $4.87 cardinal against $737 cardinal a twelvemonth ago.

Chevron chopped full indebtedness by $8.41 cardinal successful the 4th and deed its $3 cardinal yearly run-rate outgo simplification people six months early. The 20-year, 2.67 GW powerfulness acquisition statement with Microsoft for a West Texas information halfway reframes portion of the communicative arsenic AI infrastructure.

The Case for $226+

Bulls person existent ammunition. The Hess acquisition generated $1.5 cardinal successful synergies wrong a year, 50% supra the archetypal target. Guyana's Yellowtail and Hammerhead projects widen the runway, the Permian Basin cleared 1 cardinal BOE/day, and the Microsoft woody opens a durable power-and-data-center adjacency.

Act now: the expert who called NVIDIA successful 2010 conscionable named his apical 10 AI stocks — and Chevron didn't marque the cut. Grab the names FREE today.

Brent averaged $104/BBL successful Q2; if crude stays firm, our bull script points to $226.71 implicit 12 months, a 16.27% full return. Chevron's $7.12 annualized dividend and 39 consecutive yearly increases adhd ballast.

What Could Go Wrong

WTI whipsawed from $60.04 successful January 2026 to $102.13 successful May earlier settling astatine $84.81 successful June. That volatility is the plaything factor. Higher DD&A from the Hess deal, OPEC quota risk, and vulnerability successful Venezuela and Iraq circular retired concerns.

Our carnivore script models a descent to $182.12, a -6.6% return. Bulls antagonistic that indebtedness reduction, outgo cuts, and grounds downstream bespeak the through-cycle subject that limits downside.