Mar. 5 at 2:21 PM
$CVX Wall Street is turning more bullish on Chevron. Bank of America raised its price target on the energy giant to
$206 from
$188 on Monday, keeping a Buy rating in place as tensions in the Middle East show little sign of cooling.
Shares responded fast. Chevron hit a fresh one-year high of
$191.44 on March 2, climbing more than three percent intraday on the news. The stock last traded at
$189.74 on volume of over 4.5 million shares.
Several near-term events could drive CVX meaningfully in either direction. The Hess merger FTC ruling arrives around March 15. Tengiz first oil is expected in the second quarter. Chevron reports first-quarter earnings on April 25, which will be the first real test of whether management's production guidance holds up.
Chevron's annual strategy update in June is expected to outline the capital return framework for the back half of 2026, where buyback acceleration and potential special dividends are on the table.
