San Ramon, California-based Chevron Corporation (CVX) is a fully integrated oil & gas company focusing on oil & gas production, refining, and marketing. It operates through Upstream and Downstream segments. With a market cap of $279.8 billion, Chevron operates as one of the largest publicly traded oil & gas companies in the world.
Chevron has notably underperformed the broader market over the past year. CVX stock has gained 4.1% over the past 52 weeks compared to the S&P 500 Index’s ($SPX) 23.3% surge during the same time frame. However, CVX has soared 7.9% on a YTD basis outpacing SPX’s 2.6% gains in 2025.
Narrowing the focus, while CVX has slightly lagged the industry-focused First Trust Nasdaq Oil & Gas ETF’s (FTXN) 5.2% gains over the past year, it has surpassed FTXN’s 4.9% surge in 2025.
Chevron’s stock prices soared nearly 2.9% after the release of its impressive Q3 results on Nov. 1. The company posted a total revenue of $50.7 billion for the quarter which surpassed the consensus estimates by 1.6%. Although its performance was impacted due to a slump in oil prices and downstream margins, the record production from the Permian Basin and the acquisition of PDC Energy led to notable gains in its Upstream segment. Furthermore, the company's adjusted EPS of $2.51 surpassed the Street’s expectations by 1.6% which boosted investor confidence.
Chevron is set to announce its fiscal 2024 results before the markets open today and analysts anticipate a 22.5% year-over-year drop in earnings to 10.18 per share. The company has a mixed earnings surprise history. It has surpassed the consensus estimates thrice over the past four quarters while missing on one other occasion.
However, analysts remain strongly bullish on the stock’s longer-term prospects. Among the 22 analysts covering the stock, the consensus rating is a “Strong Buy.” That’s based on 15 “Strong Buy” ratings, two “Moderate Buy,” and five “Hold.”
This configuration is notably more bullish than three months ago when the CVX had a consensus “Moderate Buy” rating, and 13 analysts recommended “Strong Buys.”
On Jan. 17, Raymond James analyst Justin Jenkins maintained a “Buy” rating on CVX while raising the price target to $180.
CVX’s mean price target of $177.41 represents a 13.5% premium to current price levels, while its street-high target of $197 suggests a 26% upside potential.
