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May 4, 2026 12:20 PM

Chevron Is 'Firing On All Cylinders,' Analyst Raises Price Target After Q1

Shares of Chevron Corp (NYSE:CVX) tanked on Friday following a mixed first-quarter (Q1) report, but one analyst remains bullish.

The oil company’s core upstream and downstream profit engines are “restored to full operating rates," according to JPMorgan.

The Chevron Analyst: Analyst Arun Jayaram reiterated an Overweight rating, while raising the price target from $216 to $224.

He noted the company’s strong foundation for earnings growth for the rest of 2026, given elevated commodity prices.

The Chevron Thesis: The company's core profit engines are "finally firing on all cylinders," carrying strong operational momentum into the second quarter, Jayaram said in the note.

Check out other analyst stock ratings.

He noted that:

Chevron's US production exceeded 2 MMBoe/d (million barrels of oil equivalent per day)

Gorgon and Wheatstone (two of Chevron's massive liquefied natural gas, or LNG, projects in Western Australia) are ...