Street View: Chevron stands firm as energy markets wobble on Middle East war

Morningstar

04/05/2026 12:45

** Chevron CVX.N exceeded Wall Street expectations for Q1 earnings on Friday, buoyed by higher oil prices tied to the U.S.-Israeli conflict with Iran, which lifted profits in its upstream operations

** Median price target of 27 brokerages covering the stock is $215.5 - LSE compiled data

SCALE BEATS SHOCKS

** J.P. Morgan ("overweight," PT: $224) says firm's core upstream and downstream operations are now back at full capacity, providing a solid base for earnings growth through FY26, supported by strong commodity prices and refining margins

** Morningstar (fair value: $192) says "Middle East disruptions could ultimately make increasing production in the country a greater strategic imperative for the US, benefiting co' s position"

** Evercore ISI ("outperform," PT: $225) says co is well-positioned for current market conditions, with minimal exposure to disruptions in the Strait and a portfolio that should continue to benefit from strong margins across the hydrocarbons value chain

** UBS ("buy," PT: $220) believes Q1 results builds momentum through the remainder of 2026 and into H1 2027

 (Reporting by Kanishka Ajmera in Bengaluru)

 ((Kanishka.Ajmera@thomsonreuters.com))