Chevron

CVX · NYSE

$225.71+$1.34 (+0.60%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $224.37

CVX analyst rating

BuyConsensus of 20 analysts over the last 12 months. 75% rate it a buy.

Strong buy0
Buy15
Hold4
Underperform0
Sell1

12-month price target · 26 analysts

Average $227.15 (+0.6% upside)

Low: $176.75
Now: $225.71
High: $262.50

Upgrades and downgrades

The latest rating actions, newest first

CVX analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Morgan Stanley	Oct 15, 2026	Maintains	Overweight	$218.00 → $226.00	66%
TD Cowen	Oct 12, 2026	Maintains	Hold	$215.00 → $225.00	70%
UBS	Oct 8, 2026	Maintains	Buy	$220.00 → $235.00	55%
TD Cowen	Sep 28, 2026	Maintains	Hold	$205.00 → $215.00	70%
HSBC	Sep 25, 2026	Maintains	Buy	$218.00 → $250.00	100%
BMO Capital	Sep 3, 2026	Maintains	Outperform	$210.00 → $235.00	51%
Piper Sandler	Sep 3, 2026	Maintains	Overweight	$207.00 → $243.00	75%
Wells Fargo	Sep 3, 2026	Maintains	Overweight	$226.00 → $230.00	78%
Morgan Stanley	Aug 19, 2026	Maintains	Overweight	$210.00 → $218.00	66%
Barclays	Aug 17, 2026	Maintains	Equal-Weight	$216.00 → $208.00	53%

The case for and against

Updated Oct 14, 2026

Bull case

Chevron is supported by a strengthened portfolio after clearing the HES acquisition and completing the TCO FGP project, which reduces major valuation overhangs and supports a re-rating opportunity. Its organic cash flow outlook is improving as ex-HES capex falls meaningfully from roughly $19B per year to about $15B at guidance midpoint, while TCO loan repayments, record U.S. refining throughput, and full-rate LNG operations in Australia should bolster free cash flow. Although 3Q26 EPS is trimmed to $4.64/sh and buybacks are reduced to $2.5B, the company’s low leverage near 15% net debt to capital, disciplined capital returns, and growth from Guyana, Eastern Med, and Argentina underpin a constructive long-term outlook.

Bear case

Chevron is facing a weaker fundamental setup as EPS is reduced to $4.64/sh from $4.89/$4.81, driven by a $1.1B upstream cut, a $1.5B timing headwind, and lower buyback capacity of $2.5B amid intra-quarter price volatility. Although downstream is improved by $0.6B and refining margin benefit is lifted to $1.2B, these offsets do not fully neutralize the company’s exposure to highly cyclical refining spreads, volatile oil and gas prices, and a global chemicals business tied to the economic cycle. The outlook is further pressured by project delays, cost overruns, political and security risks in international operations, and the possibility that Bakken production falls to 170kboed after Chevron halves tariffs and drops rigs from 4 to 2.

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