Bernstein Downgrades Chevron to Market Perform, Lowers Price Target to $167
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jul 17 2024
0mins
Should l Buy CVX?
Source: Benzinga
Trade with 70% Backtested Accuracy
Stop guessing "Should I Buy CVX?" and start using high-conviction signals backed by rigorous historical data.
Sign up today to access powerful investing tools and make smarter, data-driven decisions.
Analyst Views on CVX
Wall Street analysts forecast CVX stock price to fall
19 Analyst Rating
15 Buy
4 Hold
0 Sell
Strong Buy
Current: 206.790
Low
158.00
Averages
176.95
High
206.00
Current: 206.790
Low
158.00
Averages
176.95
High
206.00
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.
CHEVRON CORP AMENDS BY-LAWS TO ENABLE JOHN HESS TO PARTICIPATE FULLY ON BOARD AS A NON-EMPLOYEE DIRECTOR - SEC FILING
Chevron Corp By-Laws Amended: Chevron has amended its by-laws to allow John Hess to fully participate as a non-employee director on the board.
Non-Employee Director Participation: The amendment specifically enables non-employee directors to engage more actively in board activities, enhancing governance and oversight.
See More
Surging Oil Prices Trigger Market Panic
- Oil Price Surge: Oil prices have surged past $100 per barrel in 2026, marking a significant increase from below $60 at the start of the year, which is one of the sharpest rises in history, causing heightened investor concerns about future economic growth.
- Inflationary Pressure: The high oil prices are likely to drive overall inflation, prompting the Federal Reserve to reconsider its interest rate policies, which has led to a widespread market decline as investors react to potential rate hikes.
- Supply Chain Disruption: Currently, about 20% of oil supply is disrupted due to the largest supply shock in history, raising fears about future supply constraints and potentially leading to further increases in energy costs that could impact profitability across various sectors.
- Hims & Hers Partnership: Hims & Hers has unexpectedly partnered with Novo Nordisk, resolving a legal dispute and allowing the company to sell FDA-approved weight loss drugs directly, which is expected to significantly enhance its business model and boost market confidence.
See More
Oil Prices Rise as Iran Rejects US Negotiations
- Oil Price Increase: International benchmark Brent crude futures rose by 1.21% to $103.46 per barrel, while U.S. West Texas Intermediate futures climbed 1.35% to $91.54 per barrel, reflecting market sensitivity to geopolitical tensions.
- Iran Rejects Negotiations: Iranian Foreign Minister Abbas Araghchi stated that despite the U.S. ceasefire proposal, Iran would reject direct talks with the U.S., emphasizing that exchanges through mediators do not equate to negotiations, which may heighten market uncertainty.
- Tense U.S.-Iran Relations: Trump claimed that the U.S. and Iran are negotiating, suggesting Tehran is eager for a deal, yet Iran denied any direct negotiations, highlighting a clear divergence in accounts that could impact future oil price trends.
- Fed Policy Expectations: Analysts at TD Securities noted that despite the oil price shock, the Federal Reserve is unlikely to respond aggressively, suggesting a
See More
U.S. Markets Rebound Amid Rising Recession Risks
- Rising Recession Risks: Moody's Analytics has raised the probability of a U.S. recession in the next 12 months to 48.6%, while Goldman Sachs increased its estimate to 30%, indicating growing concerns about the economic outlook that could affect investor confidence.
- Geopolitical Impact: Iran's foreign minister stated that the country would review the U.S. ceasefire proposal but rejected direct negotiations, suggesting that the uncertainty in the Middle East may continue to exert pressure on global markets, particularly energy prices.
- Global Supply Chain Strain: The U.S. Postal Service is seeking an 8% temporary fuel surcharge on package and express mail deliveries to offset rising transportation costs, reflecting the profound impact of the Middle East conflict on global supply chains.
- Thailand Policy Shift: Thailand has abandoned attempts to cap domestic fuel prices and will instead provide targeted assistance to sectors most affected by rising energy costs, demonstrating different strategies among governments in addressing the energy crisis.
See More
Surging Oil Prices Trigger Market Jitters
- Surging Oil Prices: Oil prices have surged past $100 per barrel for the first time in 2026, marking a significant increase from below $60 at the start of the year, which has raised investor concerns about potential impacts on economic growth and profitability across various sectors.
- Supply Disruption Impact: Approximately 20% of oil supply has been disrupted for about nine days due to the largest supply disruption in history, with no spare capacity available to alleviate the situation, intensifying fears of sustained high oil prices.
- S&P 500 Changes: The S&P 500 index has undergone changes, removing four companies including Match Group, while adding four others like Vertiv, reflecting strong demand for AI and connectivity infrastructure and indicating a shift in industry trends.
- Hims & Hers Stock Surge: Hims & Hers stock jumped significantly following an unexpected partnership with Novo Nordisk, resolving a legal dispute and allowing the sale of FDA-approved weight loss drugs, which is expected to boost revenue and improve market sentiment.
See More
Asia-Pacific Markets Set to Decline Amid Iran Tensions
- Iran Rejects Negotiations: Iranian Foreign Minister Abbas Araghchi stated that while reviewing a U.S. ceasefire proposal, direct negotiations with the U.S. are not planned, which may heighten market concerns over geopolitical risks.
- Military Action Escalation Expected: Macquarie Group's global FX and rates strategist Thierry Wizman predicts that the U.S. may intensify military actions against Iran in the next two weeks to push for significant concessions, impacting investor sentiment.
- Asia-Pacific Market Performance Flat: Australia's S&P/ASX 200 index was flat in early trading, while Japan's Nikkei 225 futures indicated a downward trend, reflecting market concerns over future uncertainties.
- Oil Prices Stable: During Asian trading hours, West Texas Intermediate crude futures rose 0.72% to $91 per barrel, indicating that despite geopolitical tensions, the energy market remains relatively stable.
See More
CHEVRON CORP AMENDS BY-LAWS TO ENABLE JOHN HESS TO PARTICIPATE FULLY ON BOARD AS A NON-EMPLOYEE DIRECTOR - SEC FILING
Chevron Corp By-Laws Amended: Chevron has amended its by-laws to allow John Hess to fully participate as a non-employee director on the board.
Non-Employee Director Participation: The amendment specifically enables non-employee directors to engage more actively in board activities, enhancing governance and oversight.
See More
Surging Oil Prices Trigger Market Panic
- Oil Price Surge: Oil prices have surged past $100 per barrel in 2026, marking a significant increase from below $60 at the start of the year, which is one of the sharpest rises in history, causing heightened investor concerns about future economic growth.
- Inflationary Pressure: The high oil prices are likely to drive overall inflation, prompting the Federal Reserve to reconsider its interest rate policies, which has led to a widespread market decline as investors react to potential rate hikes.
- Supply Chain Disruption: Currently, about 20% of oil supply is disrupted due to the largest supply shock in history, raising fears about future supply constraints and potentially leading to further increases in energy costs that could impact profitability across various sectors.
- Hims & Hers Partnership: Hims & Hers has unexpectedly partnered with Novo Nordisk, resolving a legal dispute and allowing the company to sell FDA-approved weight loss drugs directly, which is expected to significantly enhance its business model and boost market confidence.
See More
Oil Prices Rise as Iran Rejects US Negotiations
- Oil Price Increase: International benchmark Brent crude futures rose by 1.21% to $103.46 per barrel, while U.S. West Texas Intermediate futures climbed 1.35% to $91.54 per barrel, reflecting market sensitivity to geopolitical tensions.
- Iran Rejects Negotiations: Iranian Foreign Minister Abbas Araghchi stated that despite the U.S. ceasefire proposal, Iran would reject direct talks with the U.S., emphasizing that exchanges through mediators do not equate to negotiations, which may heighten market uncertainty.
- Tense U.S.-Iran Relations: Trump claimed that the U.S. and Iran are negotiating, suggesting Tehran is eager for a deal, yet Iran denied any direct negotiations, highlighting a clear divergence in accounts that could impact future oil price trends.
- Fed Policy Expectations: Analysts at TD Securities noted that despite the oil price shock, the Federal Reserve is unlikely to respond aggressively, suggesting a
See More
U.S. Markets Rebound Amid Rising Recession Risks
- Rising Recession Risks: Moody's Analytics has raised the probability of a U.S. recession in the next 12 months to 48.6%, while Goldman Sachs increased its estimate to 30%, indicating growing concerns about the economic outlook that could affect investor confidence.
- Geopolitical Impact: Iran's foreign minister stated that the country would review the U.S. ceasefire proposal but rejected direct negotiations, suggesting that the uncertainty in the Middle East may continue to exert pressure on global markets, particularly energy prices.
- Global Supply Chain Strain: The U.S. Postal Service is seeking an 8% temporary fuel surcharge on package and express mail deliveries to offset rising transportation costs, reflecting the profound impact of the Middle East conflict on global supply chains.
- Thailand Policy Shift: Thailand has abandoned attempts to cap domestic fuel prices and will instead provide targeted assistance to sectors most affected by rising energy costs, demonstrating different strategies among governments in addressing the energy crisis.
See More
Surging Oil Prices Trigger Market Jitters
- Surging Oil Prices: Oil prices have surged past $100 per barrel for the first time in 2026, marking a significant increase from below $60 at the start of the year, which has raised investor concerns about potential impacts on economic growth and profitability across various sectors.
- Supply Disruption Impact: Approximately 20% of oil supply has been disrupted for about nine days due to the largest supply disruption in history, with no spare capacity available to alleviate the situation, intensifying fears of sustained high oil prices.
- S&P 500 Changes: The S&P 500 index has undergone changes, removing four companies including Match Group, while adding four others like Vertiv, reflecting strong demand for AI and connectivity infrastructure and indicating a shift in industry trends.
- Hims & Hers Stock Surge: Hims & Hers stock jumped significantly following an unexpected partnership with Novo Nordisk, resolving a legal dispute and allowing the sale of FDA-approved weight loss drugs, which is expected to boost revenue and improve market sentiment.
See More
Asia-Pacific Markets Set to Decline Amid Iran Tensions
- Iran Rejects Negotiations: Iranian Foreign Minister Abbas Araghchi stated that while reviewing a U.S. ceasefire proposal, direct negotiations with the U.S. are not planned, which may heighten market concerns over geopolitical risks.
- Military Action Escalation Expected: Macquarie Group's global FX and rates strategist Thierry Wizman predicts that the U.S. may intensify military actions against Iran in the next two weeks to push for significant concessions, impacting investor sentiment.
- Asia-Pacific Market Performance Flat: Australia's S&P/ASX 200 index was flat in early trading, while Japan's Nikkei 225 futures indicated a downward trend, reflecting market concerns over future uncertainties.
- Oil Prices Stable: During Asian trading hours, West Texas Intermediate crude futures rose 0.72% to $91 per barrel, indicating that despite geopolitical tensions, the energy market remains relatively stable.
See More
