Key Stats for Chevron Stock
- Price change for Chevron stock for Last 1 Year: 32%
- $CVX Stock Price as of Sep. 16: $212
- 52-Week High: $218
- $CVX Stock Price Target: $223
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What Happened?
Chevron (CVX) stock is drawing fresh attention after Goldman Sachs raised its price target to $240 a share from $225, even though shares actually slipped 2.9% on Wednesday to close just above $211.
The drop wasn’t specific to Chevron. Energy stocks sold off broadly that day after the Federal Reserve raised interest rates and signaled it may keep tightening, pressuring oil prices and the wider market.
Goldman Sachs analyst Neil Mehta kept his Buy rating on Chevron stock after a series of meetings with company leadership, citing confidence in Chevron’s earnings momentum.
Piper Sandler is even more bullish, with a $243 target.
Across Wall Street, the consensus rating on Chevron stock sits at Strong Buy, with an average price target between $211 and $221, depending on the source.
The confidence largely stems from Chevron’s Q2 results.
- The company posted adjusted earnings of $6.06 per share, well above the $5.57 analysts expected, a beat of nearly 9%.
- Revenue jumped 51.4% year-over-year to $67.20 billion.
- One standout: downstream earnings, which cover refining and marketing, surged to $4.87 billion from just $737 million in the same quarter last year.
On the production side, Chevron’s Q2 earnings call detailed real operational strength behind those numbers.
Global upstream production grew more than 5% quarter-over-quarter, with U.S. production hitting a new record of nearly 2.1 million barrels of oil equivalent per day.
The company also hit its $3 billion cost-reduction target six months early and locked in a 20-year power supply deal with Microsoft for its Project Kilby data center initiative.
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What the Market Is Telling Us About Chevron Stock
The gap between Goldman’s bullish target hike and Chevron stock’s actual decline says less about the company and more about the macro backdrop.
Fed rate moves and a broader market selloff pulled energy names lower across the board, even with Chevron’s strong underlying fundamentals.
Still, with Chevron stock trading around $211, roughly 2.8% below where Goldman’s prior target sat, and now well under the new $240 target, the setup suggests analysts see more room to run once the macro noise settles.
Between record U.S. production, a cost-reduction program running ahead of schedule, and a growing power business tied to AI data center demand, Chevron’s fundamentals look intact even on a red day for the sector.
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How Much Upside Does Chevron Stock Have From Here?
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
