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
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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: 186.030
Low
158.00
Averages
176.95
High
206.00
Current: 186.030
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.
Buffett Bets Big on Global Energy Stock
- Increased Energy Holdings: Berkshire Hathaway has increased its stake in Chevron from 122 million shares to 130 million shares last quarter, raising its portfolio weight to 7.24%, indicating strong confidence in the company.
- Performance Returns: Chevron achieved record oil and gas production last year, returning $26 billion to shareholders, an 18% increase year-over-year, despite its stock price rising only 1.5% in 2025, reflecting the pressure of low oil prices on profitability.
- Market Environment Analysis: Although Chevron's production and efficiency gains are significant, the company's profitability is impacted by oil prices remaining below $70 per barrel, with a break-even point around $50 per barrel, suggesting that even small price increases could substantially enhance profits.
- Geopolitical Impact: With rising geopolitical tensions in the Middle East, oil prices are expected to rise, and Buffett and his team are optimistic about Chevron's future performance, believing that in a recovering price environment, the stock could see significant upside.
See More
Market Faces Uncertainty as Oil Prices Surge Amid Conflict
- Market Stagnation: CNBC's Jim Cramer highlighted that the market is in limbo due to Middle Eastern conflicts and other uncertainties in 2026, emphasizing that investors must remain patient to hope for future price increases.
- Oil Price Surge Impact: On Thursday, U.S. crude prices surpassed $80 per barrel, causing the S&P 500 to drop by 0.5%, as investors feared potential disruptions to global fuel supplies, despite a brief rally on Wednesday.
- Semiconductor Stocks Under Pressure: Cramer noted that the Trump administration is drafting stricter AI chip export policies that could limit international shipments, leading to declines in semiconductor stocks, with Nvidia's shares dropping as much as 2.8% at one point.
- Complex Market Outlook: While oil prices may decrease, Cramer believes the current war situation threatens the stability of market rallies, urging investors to navigate future uncertainties with caution.
See More
Asia-Pacific Markets Set to Open Lower Amid Rising Oil Prices
- Rising Oil Prices: The Iran conflict has pushed oil prices above $80 per barrel, with Brent futures rising 3.54% to $84.31, directly impacting global market sentiment and potentially causing volatility in related energy stocks.
- Global Trade Uncertainty: New York Attorney General and 23 state prosecutors have sued to block Trump's global tariff regime, following a ruling that companies are entitled to tariff refunds, which could exacerbate market concerns over trade policies.
- Australian Market Decline: Australia's S&P/ASX 200 index fell 1.15% in early trading, primarily dragged down by basic materials stocks, reflecting investor concerns over economic slowdown that may influence future investment decisions.
- U.S. Market Pullback: All three major U.S. indexes declined, with the Dow Jones Industrial Average falling 1.61%, indicating market sensitivity to global economic slowdown, particularly affecting companies like Boeing and Caterpillar, which may lead to further downward pressure in Asia-Pacific markets.
See More
Oil Prices Surge Amid Supply Concerns and Inflation Fears
- Oil Price Surge: West Texas Intermediate crude oil prices have surged past $80 per barrel, reaching their highest level since July 2024, primarily due to concerns over supply disruptions and ongoing conflict, which could lead to increased living costs for consumers.
- Inflationary Pressures: The rise in oil prices, coupled with higher benchmark 10-year Treasury yields, creates a negative impact on the stock market, undermining investor confidence in future economic growth and potentially leading to increased market volatility.
- Trump Administration Intervention: The Trump administration is drafting a plan that may tighten control over AI chip exports; while this does not constitute an export ban, it could still affect companies like Nvidia, adding uncertainty to the industry.
- Job Data Expectations: Economic data will be in focus, with economists forecasting a 55,000 increase in non-farm payrolls for February, a 3.7% rise in average hourly earnings, and an unemployment rate steady at 4.3%, which will significantly influence market sentiment.
See More
Stocks Plunge as Oil Prices Surge Amid Geopolitical Tensions
- Market Decline: On Thursday, the Dow Jones Industrial Average plummeted over 800 points, primarily due to rising oil prices, with U.S. crude briefly exceeding $79 per barrel, marking the highest level since June 2025, indicating the market's sensitivity to geopolitical tensions.
- Oil Price Volatility: Iran's missile strike on an oil tanker and subsequent closure of the Strait of Hormuz, along with threats to attack vessels in the area, have heightened market anxiety, prompting investors to navigate this volatile environment with caution.
- Costco Membership Concerns: Costco shares fell nearly 2.5% ahead of its earnings report, despite strong same-store sales momentum; however, declining membership renewal rates, particularly among online sign-ups, pose a challenge to the company's long-term growth prospects.
- Salesforce Stock Recovery: Salesforce shares rose nearly 5.5%, potentially signaling a rotation back into software stocks; while its core business faces pressure, Jim Cramer emphasized the positive outlook for Agentforce in the AI sector, suggesting a glass-half-full perspective on the company's future.
See More
Oil Prices Surge Again Due to Tanker Logjam
- Energy Price Surge: An oil tanker logjam has led to a significant rise in energy prices, with U.S. West Texas Intermediate futures climbing 3% to over $76 per barrel and Brent crude up 2% to more than $83, indicating heightened market concerns over energy supply disruptions.
- AI Technology Controversy: Anthropic has reopened discussions with the Pentagon regarding its AI models, despite President Trump ordering a halt to their use, highlighting the complexities of government regulation and military applications of AI technology, which may impact future collaborations.
- Strong Broadcom Earnings: Following a robust fiscal first-quarter report, Broadcom's stock rose over 6% in premarket trading, with projections of AI revenue exceeding $100 billion by FY2027, showcasing a positive outlook for its custom chip business that could attract more investor interest.
- StubHub Stock Plunge: StubHub's shares fell 15% after fourth-quarter revenue missed expectations, prompting JPMorgan to downgrade its rating from buy to hold, reflecting a lack of confidence in the company's future performance and potentially influencing investor decisions.
See More
Buffett Bets Big on Global Energy Stock
- Increased Energy Holdings: Berkshire Hathaway has increased its stake in Chevron from 122 million shares to 130 million shares last quarter, raising its portfolio weight to 7.24%, indicating strong confidence in the company.
- Performance Returns: Chevron achieved record oil and gas production last year, returning $26 billion to shareholders, an 18% increase year-over-year, despite its stock price rising only 1.5% in 2025, reflecting the pressure of low oil prices on profitability.
- Market Environment Analysis: Although Chevron's production and efficiency gains are significant, the company's profitability is impacted by oil prices remaining below $70 per barrel, with a break-even point around $50 per barrel, suggesting that even small price increases could substantially enhance profits.
- Geopolitical Impact: With rising geopolitical tensions in the Middle East, oil prices are expected to rise, and Buffett and his team are optimistic about Chevron's future performance, believing that in a recovering price environment, the stock could see significant upside.
See More
Market Faces Uncertainty as Oil Prices Surge Amid Conflict
- Market Stagnation: CNBC's Jim Cramer highlighted that the market is in limbo due to Middle Eastern conflicts and other uncertainties in 2026, emphasizing that investors must remain patient to hope for future price increases.
- Oil Price Surge Impact: On Thursday, U.S. crude prices surpassed $80 per barrel, causing the S&P 500 to drop by 0.5%, as investors feared potential disruptions to global fuel supplies, despite a brief rally on Wednesday.
- Semiconductor Stocks Under Pressure: Cramer noted that the Trump administration is drafting stricter AI chip export policies that could limit international shipments, leading to declines in semiconductor stocks, with Nvidia's shares dropping as much as 2.8% at one point.
- Complex Market Outlook: While oil prices may decrease, Cramer believes the current war situation threatens the stability of market rallies, urging investors to navigate future uncertainties with caution.
See More
Asia-Pacific Markets Set to Open Lower Amid Rising Oil Prices
- Rising Oil Prices: The Iran conflict has pushed oil prices above $80 per barrel, with Brent futures rising 3.54% to $84.31, directly impacting global market sentiment and potentially causing volatility in related energy stocks.
- Global Trade Uncertainty: New York Attorney General and 23 state prosecutors have sued to block Trump's global tariff regime, following a ruling that companies are entitled to tariff refunds, which could exacerbate market concerns over trade policies.
- Australian Market Decline: Australia's S&P/ASX 200 index fell 1.15% in early trading, primarily dragged down by basic materials stocks, reflecting investor concerns over economic slowdown that may influence future investment decisions.
- U.S. Market Pullback: All three major U.S. indexes declined, with the Dow Jones Industrial Average falling 1.61%, indicating market sensitivity to global economic slowdown, particularly affecting companies like Boeing and Caterpillar, which may lead to further downward pressure in Asia-Pacific markets.
See More
Oil Prices Surge Amid Supply Concerns and Inflation Fears
- Oil Price Surge: West Texas Intermediate crude oil prices have surged past $80 per barrel, reaching their highest level since July 2024, primarily due to concerns over supply disruptions and ongoing conflict, which could lead to increased living costs for consumers.
- Inflationary Pressures: The rise in oil prices, coupled with higher benchmark 10-year Treasury yields, creates a negative impact on the stock market, undermining investor confidence in future economic growth and potentially leading to increased market volatility.
- Trump Administration Intervention: The Trump administration is drafting a plan that may tighten control over AI chip exports; while this does not constitute an export ban, it could still affect companies like Nvidia, adding uncertainty to the industry.
- Job Data Expectations: Economic data will be in focus, with economists forecasting a 55,000 increase in non-farm payrolls for February, a 3.7% rise in average hourly earnings, and an unemployment rate steady at 4.3%, which will significantly influence market sentiment.
See More
Stocks Plunge as Oil Prices Surge Amid Geopolitical Tensions
- Market Decline: On Thursday, the Dow Jones Industrial Average plummeted over 800 points, primarily due to rising oil prices, with U.S. crude briefly exceeding $79 per barrel, marking the highest level since June 2025, indicating the market's sensitivity to geopolitical tensions.
- Oil Price Volatility: Iran's missile strike on an oil tanker and subsequent closure of the Strait of Hormuz, along with threats to attack vessels in the area, have heightened market anxiety, prompting investors to navigate this volatile environment with caution.
- Costco Membership Concerns: Costco shares fell nearly 2.5% ahead of its earnings report, despite strong same-store sales momentum; however, declining membership renewal rates, particularly among online sign-ups, pose a challenge to the company's long-term growth prospects.
- Salesforce Stock Recovery: Salesforce shares rose nearly 5.5%, potentially signaling a rotation back into software stocks; while its core business faces pressure, Jim Cramer emphasized the positive outlook for Agentforce in the AI sector, suggesting a glass-half-full perspective on the company's future.
See More
Oil Prices Surge Again Due to Tanker Logjam
- Energy Price Surge: An oil tanker logjam has led to a significant rise in energy prices, with U.S. West Texas Intermediate futures climbing 3% to over $76 per barrel and Brent crude up 2% to more than $83, indicating heightened market concerns over energy supply disruptions.
- AI Technology Controversy: Anthropic has reopened discussions with the Pentagon regarding its AI models, despite President Trump ordering a halt to their use, highlighting the complexities of government regulation and military applications of AI technology, which may impact future collaborations.
- Strong Broadcom Earnings: Following a robust fiscal first-quarter report, Broadcom's stock rose over 6% in premarket trading, with projections of AI revenue exceeding $100 billion by FY2027, showcasing a positive outlook for its custom chip business that could attract more investor interest.
- StubHub Stock Plunge: StubHub's shares fell 15% after fourth-quarter revenue missed expectations, prompting JPMorgan to downgrade its rating from buy to hold, reflecting a lack of confidence in the company's future performance and potentially influencing investor decisions.
See More
