Chevron (NYSE:CVX) Trading Up 2% - What's Next?

Key Points

• Chevron shares rose 2% on Thursday, trading as high as $169.55, even as volume came in below average.
• Wolfe Research upgraded Chevron to Outperform, citing a more attractive valuation after the recent pullback and improving long-term free cash flow prospects. Analysts overall still have a Moderate Buy view with an average target price around $205.71.
• Investor attention is also focused on Chevron’s 20-year Microsoft AI data-center power deal and its upcoming 2Q 2026 earnings conference call, while lower oil prices remain a near-term headwind.

Chevron Corporation (NYSE:CVX - Get Free Report)'s share price rose 2% during trading on Thursday . The stock traded as high as $169.55 and last traded at $169.0640. 9,511,570 shares traded hands during trading, a decline of 19% from the average daily volume of 11,689,808 shares. The stock had previously closed at $165.69.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Wolfe Research upgraded Chevron (CVX) to Outperform from Peer Perform, saying the recent pullback has made the shares more attractive and that improving long-term free cash flow prospects are not fully reflected in the stock price. Wolfe Research upgrades Chevron to Outperform on strong cash flow outlook
• Positive Sentiment: Chevron announced its 2Q 2026 earnings conference call and webcast, reinforcing investor focus on the upcoming results and management commentary. Advisory: Chevron Corporation's 2Q 2026 Earnings Conference Call and Webcast
• Positive Sentiment: Articles highlighted Chevron’s 20-year Microsoft AI data-center power deal, with the company expanding into natural-gas-fired electricity supply for AI infrastructure and evaluating more U.S. data-center projects. Chevron (CVX) Just Signed A 20 Year Microsoft AI Data Center Power Deal
• Neutral Sentiment: Multiple pieces emphasized Chevron’s appeal as a high-dividend stock, pointing to its roughly 4%+ yield and long record of dividend growth, which supports the shares but is not a new catalyst. Should You Buy Chevron While It's Below $180 or Wait for a Bigger Dip?
• Neutral Sentiment: Research updates also noted modestly higher FY2026 earnings estimates, suggesting stable fundamentals rather than a major near-term surprise. Chevron Corporation estimate update
• Negative Sentiment: Other coverage pointed to lower oil prices as a headwind for Chevron and the broader energy sector, which could pressure earnings expectations and limit upside. Oil's 4-month low hands Exxon, Chevron a fresh problem
• Negative Sentiment: Some analyst commentary also noted that energy shares may have less room to run than tech as oil retreats, and Morgan Stanley reportedly lowered its price target on Chevron, reinforcing a more cautious near-term view. Chevron (CVX) Price Target Lowered at Morgan Stanley. Here is Why

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on CVX shares. Tudor Pickering upgraded Chevron from a "hold" rating to a "buy" rating and set a $225.00 target price for the company in a research report on Thursday, April 9th. Morgan Stanley reduced their price target on shares of Chevron from $214.00 to $210.00 and set an "overweight" rating on the stock in a research report on Monday. TD Cowen lifted their price target on shares of Chevron from $204.00 to $205.00 and gave the stock a "hold" rating in a research note on Friday, May 8th. HSBC raised shares of Chevron from a "hold" rating to a "buy" rating and set a $215.00 price objective for the company in a research note on Friday, March 20th. Finally, The Goldman Sachs Group reaffirmed a "buy" rating and set a $216.00 target price on shares of Chevron in a report on Wednesday, May 6th. Nineteen research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $205.71.

Chevron Stock Performance

The company has a market cap of $336.71 billion, a PE ratio of 29.30, a P/E/G ratio of 0.55 and a beta of 0.50. The business has a fifty day moving average of $183.99 and a 200-day moving average of $180.34. The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.00 by $0.41. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The company had revenue of $47.56 billion during the quarter, compared to the consensus estimate of $51.86 billion. During the same period in the prior year, the firm earned $2.18 earnings per share. Chevron's revenue was up 2.1% on a year-over-year basis. Equities research analysts anticipate that Chevron Corporation will post 15.52 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were paid a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend was Tuesday, May 19th. Chevron's dividend payout ratio is currently 123.40%.

Insider Buying and Selling at Chevron

In other news, Director John B. Hess sold 380,000 shares of Chevron stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total value of $73,416,000.00. Following the completion of the transaction, the director owned 278,045 shares of the company's stock, valued at $53,718,294. The trade was a 57.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.56% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CVX. Dakota Wealth Management increased its position in Chevron by 14.9% in the fourth quarter. Dakota Wealth Management now owns 83,265 shares of the oil and gas company's stock worth $12,690,000 after buying an additional 10,822 shares in the last quarter. Brooklyn FI LLC purchased a new position in shares of Chevron during the 3rd quarter valued at about $431,000. Clear Trail Advisors LLC purchased a new position in shares of Chevron during the 4th quarter valued at about $10,167,000. Curtis Advisory Group LLC bought a new position in shares of Chevron during the 4th quarter valued at approximately $1,381,000. Finally, Indivisible Partners bought a new position in shares of Chevron during the 4th quarter valued at approximately $1,923,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Company Profile

Chevron Corporation NYSE: CVX is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron's core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.

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