Current Challenges for Oil Majors: Energy supermajors like Exxon Mobil, Chevron, Shell, and BP are facing pressure to cut jobs and reduce costs due to weaker crude prices, which threaten generous shareholder payouts that have been prevalent in recent years.
Shift in Financial Strategy: Companies are reconsidering their approach to shareholder returns, with BP and TotalEnergies already announcing reductions in payouts, as analysts suggest that cutting buybacks may be a more favorable option than slashing dividends.
Market Outlook and Price Resilience: Despite expectations of a downturn, oil prices have remained relatively stable in the $65 to $70 per barrel range, although they have recently dipped below this threshold, prompting companies to reassess their financial strategies moving forward.
Upcoming Earnings Reports: Major oil companies, including TotalEnergies, Shell, Exxon Mobil, Chevron, and BP, are set to report their third-quarter earnings soon, which will provide further insight into how they plan to navigate the current economic landscape.
Wall Street analysts forecast CVX stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for CVX is 176.95 USD with a low forecast of 158.00 USD and a high forecast of 206.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
19 Analyst Rating
Wall Street analysts forecast CVX stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for CVX is 176.95 USD with a low forecast of 158.00 USD and a high forecast of 206.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
15 Buy
4 Hold
0 Sell
Strong Buy
Current: 166.660
Low
158.00
Averages
176.95
High
206.00
Current: 166.660
Low
158.00
Averages
176.95
High
206.00
Barclays
Betty Jiang
Equal Weight
maintain
$158 -> $166
2026-01-21
New
Reason
Barclays
Betty Jiang
Price Target
$158 -> $166
AI Analysis
2026-01-21
New
maintain
Equal Weight
Reason
Barclays analyst Betty Jiang raised the firm's price target on Chevron to $166 from $158 and keeps an Equal Weight rating on the shares. The firm adjusted ratings and targets in the exploration and production group as part of a Q4 preview. The upstream sector's cash return model "remains resilient" amid macro volatility, the analyst tells investors in a research note. Barclays see attractive opportunities in U.S. onshore. It tells investors to "tread carefully" through the near-term commodity uncertainty.
JPMorgan
NULL
to
Overweight
initiated
$176
2026-01-20
New
Reason
JPMorgan
Price Target
$176
2026-01-20
New
initiated
NULL
to
Overweight
Reason
JPMorgan resumed coverage of Chevron with an Overweight rating and $176 price target. The firm adjusted ratings and targets in the integrated oils sector as part of its 2026 outlook. The outlook for the group continues to shaped by supply side risks for oil, but a more constructive outlook downstream, the analyst tells investors in a research note. Amid the rise in geopolitical risks, JPMorgan says the U.S. majors screen more attractive than the Canadian integrateds. It cites relative valuations for the rating changes.
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Scotiabank
Sector Perform
maintain
$165 -> $168
2026-01-16
Reason
Scotiabank
Price Target
$165 -> $168
2026-01-16
maintain
Sector Perform
Reason
Scotiabank raised the firm's price target on Chevron to $168 from $165 and keeps a Sector Perform rating on the shares. The firm is updating its price targets for U.S. Integrated Oil, Refining, and Large Cap Exploration & Production, E&P, stocks under its coverage, the analyst tells investors. Scotiabank expects earnings for the quarter to be straightforward due to the absence of major winter weather disruptions. Additionally, looking ahead, the firm expects investors to focus on whether recent market turmoil will cause changes to 2026 guidance and if any E&P companies will adopt cost reduction programs.
Piper Sandler
Ryan Todd
Overweight
downgrade
$178 -> $174
2026-01-08
Reason
Piper Sandler
Ryan Todd
Price Target
$178 -> $174
2026-01-08
downgrade
Overweight
Reason
Piper Sandler analyst Ryan Todd lowered the firm's price target on Chevron to $174 from $178 and keeps an Overweight rating on the shares. The firm says that entering 2026, while the chairs have shuffled around a bit, the song remains similar to twelve months ago - a bearish crude outlook that is likely to make it difficult for the sector to outperform the broader market. On the flip side, Piper sees the refining market as even better than 2025, driven by what it expects to be incrementally tighter S/D and crude differential tailwinds.
About CVX
Chevron Corporation is an integrated energy company. The Company produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance its business and industry. The Company’s segments include Upstream and Downstream. Upstream operations consist primarily of exploring for, developing, producing and transporting crude oil and natural gas; liquefaction, transportation and regasification associated with LNG; transporting crude oil by major international oil export pipelines; processing, transporting, storage and marketing of natural gas; carbon capture and storage; and a gas-to-liquids plant. Downstream operations consist primarily of the refining of crude oil into petroleum products; marketing crude oil, refined products, and lubricants; manufacturing and marketing of renewable fuels, and transporting of crude oil and refined products by pipeline, marine vessel, motor equipment and rail car.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
