Chevron Stock: Is Wall Street Bullish or Bearish?

Chevron Corporation (CVX) is one of the world's largest integrated energy companies, engaged in the exploration, production, refining, transportation, and marketing of oil, natural gas, and refined petroleum products. Headquartered in Houston, Texas, the company operates in more than 180 countries and currently has a market cap of $378.4 billion.

Chevron has enjoyed a strong run, riding the energy sector's resurgence to outperform the broader market. CVX stock has soared 20% over the past year, surpassing the broader S&P 500 Index ($SPX), which has rallied 16.5%. Moreover, shares of the company are up 23.1% on a YTD basis, compared to SPX's 8.5% gain.

Even so, Chevron has been overshadowed by the broader exploration and production space, with the State Street SPDR S&P Oil & Gas Exploration & Production ETF (XOP) soaring 27.1% over the past year and returning 31.8% in 2026. 

On July 27, Chevron fell more than 2% as energy stocks declined following a 7% drop in crude oil prices. Lower oil prices weighed on investor sentiment, raising concerns about weaker realized prices and reduced earnings potential for oil producers.

For the fiscal year ending in December 2026, analysts expect CVX's adjusted EPS to grow 114.1% year over year to $15.61. The company's earnings surprise history is promising. It beat the consensus estimates in the last four quarters.

Among the 26 analysts covering the stock, the consensus rating is a “Moderate Buy.” That’s based on 17 “Strong Buy” ratings, three “Moderate Buys,” five “Holds,” and one “Strong Sell.” 

The configuration is bullish than a month ago when the stock had 15 “Strong Buy” suggestions. 

On Jul. 23, Chevron gained attention after Piper Sandler initiated coverage with an "Outperform" rating, calling it the only Outperform-rated global oil major. The firm cited a valuation disconnect, noting that the resolution of the Hess arbitration in Chevron's favor and the completion of the Tengiz expansion project remove key overhangs and could support a re-rating of the stock.

The mean price target of $212.52 represents a 13.3% premium to CVX’s current price levels. The Street-high price target of $235 suggests a 25.3% potential upside.