Goldman Sachs Raises Chevron Price Target After Earnings

Goldman Sachs raised its price target on Chevron Corporation (NYSE: CVX) to $195 following the company's first-quarter 2026 earnings release. Analyst Neil Mehta, in a note obtained by TheStreet, said the results bolstered confidence in Chevron's cash flow outlook, production base, and shareholder return plans.

Recommendation Change

• Previous Rating: Buy, price target $180.
• Current Rating: Buy, price target $195.
• Upside: Approximately 12% from the prior close of $174.

Analyst Rationale

Mehta highlighted that Chevron's Q1 results exceeded Wall Street expectations, driven by increased production in the Permian Basin and improved refining margins. He also noted that the company maintained strong dividend payouts and a share buyback program, enhancing the stock's appeal.

Context

The upgrade follows Chevron's Q1 earnings beat, with revenue of $48.5 billion and EPS of $3.45. The stock has risen 3% year-to-date but remains below its 2024 peak. Other analysts, including Morgan Stanley and Jefferies, also have Buy ratings, but Goldman Sachs' target is the highest currently.

What to Make of It

The price target increase reflects a positive outlook for Chevron amid relatively stable oil prices. Investors should monitor production trends, costs, and dividend policy.