Chevron (CVX)
NYSE:CVX
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Chevron
(NYSE:CVX)
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Rating:67Neutral
Price Target:
$199.00
▲(8.16% Upside)
Action:Reiterated
Date:05/30/26
CVX scores as a moderately attractive, financially resilient name: a strong balance sheet and continued profitability/free cash flow support the core rating, reinforced by constructive guidance, capital discipline, and buybacks from the earnings call. The main offsets are compressed margins and weaker cash conversion versus prior years, plus a soft near-term technical setup and a relatively high P/E despite a solid dividend yield.
Positive Factors
Balance sheet strength
Chevron’s capital structure remains conservative for the industry, with low relative leverage and sizable equity. That balance-sheet strength provides durable financial flexibility to fund disciplined capex, support buybacks/dividends, and absorb cyclical shocks without forcing distress sales or sharp cuts to investment plans.
Negative Factors
Margin compression
Profitability has cooled materially from peak-cycle levels, halving net margin across the period. Sustained margin compression reduces return on capital and limits reinvestment and dividend growth potential; it also increases sensitivity of earnings to commodity cycles and operational timing over coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
Chevron’s capital structure remains conservative for the industry, with low relative leverage and sizable equity. That balance-sheet strength provides durable financial flexibility to fund disciplined capex, support buybacks/dividends, and absorb cyclical shocks without forcing distress sales or sharp cuts to investment plans.
Read all positive factors
Chevron Key Performance Indicators (KPIs)
Any
Net Oil Production by Geography
Tracks oil output across various regions, indicating Chevron’s production capabilities, regional growth opportunities, and potential geopolitical risks.
Tracks oil output across various regions, indicating Chevron’s production capabilities, regional growth opportunities, and potential geopolitical risks.
Data provided by:
The Fly
The FlyChevron (CVX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$373.52B
Dividend Yield4.54%
Average Volume (3M)10.02M
Price to Earnings (P/E)34.1
Beta (1Y)0.28
Revenue Growth-2.16%
EPS Growth-33.98%
CountryUS
Employees45,298
SectorEnergy
Sector Strength52
IndustryOil & Gas Integrated
Share Statistics
EPS (TTM)5.79
Shares Outstanding1,991,597,800
10 Day Avg. Volume10,770,856
30 Day Avg. Volume10,019,078
Financial Highlights & Ratios
PEG Ratio-0.72
Price to Book (P/B)1.51
Price to Sales (P/S)1.53
P/FCF Ratio16.98
Enterprise Value/Market Cap1.08
Enterprise Value/Revenue2.17
Enterprise Value/Gross Profit8.54
Enterprise Value/Ebitda9.98
Forecast
1Y Price Target
$218.50Price Target Upside18.76% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering21
EPS Forecast (FY)14.36
Revenue Forecast (FY)$232.77B
Chevron Business Overview & Revenue Model
Company Description
Chevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, produc...
How the Company Makes Money
Chevron primarily makes money by producing and selling hydrocarbons and related products across its integrated value chain. Upstream earnings and cash flow are driven by the sale of crude oil, natural gas, and natural gas liquids produced from Che...
Chevron Earnings Call Summary
Earnings Call Date:May 01, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 24, 2026
Earnings Call Sentiment Positive
The call emphasized strong operational execution, robust cash generation, notable production growth (+~500k boe/d YoY) and integration benefits (equity crude throughput rising to ~40% in 2Q), while acknowledging material near-term headwinds including ~$3 billion of timing effects, a $360 million legal reserve, FX impacts (~$223 million), and working capital pressures. Management reaffirmed capital discipline, unchanged 2026 guidance, confirmed buybacks and dividend growth, and highlighted medium/long-term targets and options (Venezuela, LNG, Eastern Med). Given the breadth of positive operational and financial items and clear plans to manage volatility and return capital—despite several significant one-time and timing-related negatives—the overall tone is constructive.Positive Updates
Solid Adjusted Earnings and Reported EPS
Reported earnings of $2.2 billion ($1.11 per share) and adjusted earnings of $2.8 billion ($1.41 per share) for 1Q26, demonstrating underlying profitability after adjustments.
Negative Updates
Large Unfavorable Timing Effects
Unfavorable timing effects of approximately $3.0 billion in the quarter related to a steep rise in commodity prices in March, split roughly evenly between inventory valuation and mark-to-market on physical-linked derivative positions; management expects ~ $1.0 billion of paper positions to unwind in 2Q26.
Read all updates
Q1-2026 Updates
Positive
Negative
Solid Adjusted Earnings and Reported EPS
Reported earnings of $2.2 billion ($1.11 per share) and adjusted earnings of $2.8 billion ($1.41 per share) for 1Q26, demonstrating underlying profitability after adjustments.
Read all positive updates
Company Guidance
Chevron reiterated unchanged 2026 guidance and emphasized disciplined capital and cost management, with a full‑year capital budget of $18–19 billion (Q1 organic CapEx $3.9B; inorganic ~$200M) and on track to deliver $3–4 billion of structural cost reductions by year‑end; Q1 GAAP earnings were $2.2B ($1.11/sh) and adjusted earnings $2.8B ($1.41/sh) (including a $360M legal reserve and a $223M FX drag), adjusted earnings were $440M lower sequentially, cash from operations excluding working capital was $7.1B, adjusted free cash flow $4.1B (including a $1B TCO loan repayment), and share repurchases were $2.5B (within the $2.5–3.0B/quarter buyback range); operationally Q1 production rose ~500k boe/d year‑over‑year with TCO >1.0M boe/d, Permian >1.0M boe/d and U.S. production running over 2.0M boe/d into Q2, Gorgon and Wheatstone LNG at full rates (~1.0M boe/d), global equity crude throughput is expected to more than double YoY to ~40% in Q2 with Asia refinery utilization >80% (U.S. refineries >50% equity crude at some sites), the quarter included ~ $3B of unfavorable timing effects with ~$1B of paper positions expected to unwind in Q2, >$5B of commercial paper was issued (about half paid down in April), and the company reconfirmed 2026 production growth of 7–10% plus 2030 targets of >10% growth in adjusted free cash flow and EPS and a 3% ROCE improvement at $70 Brent.Chevron Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
78
Positive
Cash Flow
64
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 185.89B | 184.43B | 193.41B | 196.91B | 235.72B | 155.61B |
| Gross Profit | 47.27B | 56.09B | 56.93B | 60.39B | 65.59B | 45.43B |
| EBITDA | 40.44B | 41.42B | 45.81B | 47.81B | 67.00B | 39.36B |
| Net Income | 11.01B | 12.30B | 17.66B | 21.37B | 35.47B | 15.63B |
Balance Sheet | ||||||
| Total Assets | 329.55B | 324.01B | 256.94B | 261.63B | 257.71B | 239.53B |
| Cash, Cash Equivalents and Short-Term Investments | 5.32B | 6.47B | 6.79B | 8.22B | 17.90B | 5.67B |
| Total Debt | 45.43B | 46.74B | 24.54B | 20.84B | 23.34B | 31.37B |
| Total Liabilities | 140.18B | 131.84B | 103.78B | 99.70B | 97.47B | 99.59B |
| Stockholders Equity | 183.72B | 186.45B | 152.32B | 160.96B | 159.28B | 139.07B |
Cash Flow | ||||||
| Free Cash Flow | 13.37B | 16.59B | 15.04B | 19.78B | 37.63B | 21.09B |
| Operating Cash Flow | 31.07B | 33.94B | 31.49B | 35.61B | 49.60B | 29.19B |
| Investing Cash Flow | -13.33B | -15.91B | -8.94B | -15.23B | -12.11B | -5.87B |
| Financing Cash Flow | -17.88B | -19.06B | -23.47B | -30.11B | -24.98B | -23.11B |
Chevron Technical Analysis
Positive
183.99
Price Trends
191.24
Negative
186.04
Positive
168.80
Positive
Market Momentum
-0.84
Negative
52.50
Neutral
45.77
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CVX, the sentiment is Positive. The current price of 183.99 is below the 20-day moving average (MA) of 187.33, below the 50-day MA of 191.24, and above the 200-day MA of 168.80, indicating a neutral trend. The MACD of -0.84 indicates Negative momentum. The RSI at 52.50 is Neutral, neither overbought nor oversold. The STOCH value of 45.77 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CVX.
Chevron Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $142.38B | 19.90 | 11.29% | 3.43% | 1.02% | -25.38% | |
69 Neutral | $58.77B | 12.36 | 12.82% | 2.39% | -15.17% | -66.00% | |
67 Neutral | $373.52B | 34.14 | 6.23% | 4.54% | -2.16% | -33.98% | |
67 Neutral | $619.92B | 25.23 | 9.77% | 3.35% | -3.07% | -21.84% | |
66 Neutral | $240.06B | 13.31 | 10.58% | 3.92% | -5.34% | 47.93% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
63 Neutral | $111.30B | 36.23 | 5.52% | 5.62% | 4.29% | ― |
* Energy Sector Average
CVX
Chevron
189.71
57.11
43.07%
BP
BP
43.68
16.10
58.39%
COP
Conocophillips
119.05
36.44
44.11%
XOM
Exxon Mobil
152.53
53.85
54.56%
OXY
Occidental Petroleum
59.64
18.71
45.70%
SHEL
Shell
86.77
21.74
33.43%
Chevron Corporate Events
Executive/Board ChangesShareholder Meetings
Chevron Shareholders Back Board, Pay Plans at Meeting
Positive
May 29, 2026
At Chevron’s 2026 Annual Meeting of Stockholders held on May 27, 2026, all nominated directors were elected to one-year terms, with each receiving strong majority support from voting shareholders. Stockholders also approved the ratification ...
Executive/Board Changes
Chevron Announces Planned Retirement of Chief Legal Officer
Neutral
May 29, 2026
On May 27, 2026, Chevron announced that R. Hewitt Pate notified its board of his decision to resign as Chief Legal Officer, effective December 31, 2026, in connection with his planned retirement in June 2027. He will continue serving as a non-exec...
Business Operations and StrategyExecutive/Board ChangesM&A TransactionsRegulatory Filings and Compliance
Chevron Updates Board Bylaws Following Hess Acquisition
Positive
Mar 25, 2026
On March 25, 2026, Chevron’s Board of Directors approved amended and restated by-laws that shift the annual election of the Chairman and, when applicable, the Lead Director from independent directors to all non-employee directors, while also...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.