Chevron (CVX)
NYSE:CVX
Want to see CVX full AI Analyst Report?
Top Page
Chevron
(NYSE:CVX)
Select Model
Select Model
Rating:64Neutral
Price Target:
$194.00
▲(5.44% Upside)
Action:Downgraded
Date:05/09/26
CVX scores as moderately attractive: the biggest support is solid underlying financial quality (especially balance-sheet strength) and a constructive earnings-call setup with reiterated guidance, production growth, and disciplined capital returns. The main offsets are weak near-term technical momentum and a demanding P/E multiple for a cyclical business, even with a strong dividend yield.
Positive Factors
Balance-sheet strength
Chevron’s historically low leverage and sizable equity base give it durable financial flexibility to fund capex, pay dividends and buybacks, and withstand commodity downturns. Conservative capital structure supports investment optionality and lowers refinancing risk across business cycles.
Negative Factors
Margin compression
Material decline in net and operating margins versus peak-cycle levels signals weaker earnings power and greater sensitivity to commodity and refining cycles. Persistently lower margins reduce ROE and the firm's ability to self-fund growth and returns in lower-price environments.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance-sheet strength
Chevron’s historically low leverage and sizable equity base give it durable financial flexibility to fund capex, pay dividends and buybacks, and withstand commodity downturns. Conservative capital structure supports investment optionality and lowers refinancing risk across business cycles.
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
$390.59B
Dividend Yield4.54%
Average Volume (3M)10.31M
Price to Earnings (P/E)46.3
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. Volume9,598,000
30 Day Avg. Volume10,308,237
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 Cap1.11
Enterprise Value/Revenue2.33
Enterprise Value/Gross Profit9.16
Enterprise Value/Ebitda10.71
Forecast
1Y Price Target
$216.33Price Target Upside17.58% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering22
EPS Forecast (FY)13.35
Revenue Forecast (FY)$225.28B
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 selling hydrocarbons and energy-related products and services through two main segments: Upstream and Downstream, with an additional contribution from chemicals. In Upstream, Chevron generates revenue from producin...
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
193.32
Positive
182.67
Positive
166.91
Positive
Market Momentum
0.29
Negative
61.89
Neutral
91.00
Negative
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 188.52, below the 50-day MA of 193.32, and above the 200-day MA of 166.91, indicating a bullish trend. The MACD of 0.29 indicates Negative momentum. The RSI at 61.89 is Neutral, neither overbought nor oversold. The STOCH value of 91.00 is Negative, 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 | $151.73B | 18.50 | 11.29% | 3.43% | 1.02% | -25.38% | |
69 Neutral | $59.38B | 4.74 | 12.82% | 2.39% | -15.17% | -66.00% | |
67 Neutral | $665.22B | 42.42 | 9.77% | 3.35% | -3.07% | -21.84% | |
66 Neutral | $245.54B | 11.56 | 10.58% | 3.92% | -5.34% | 47.93% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
64 Neutral | $390.59B | 46.35 | 6.23% | 4.54% | -2.16% | -33.98% | |
63 Neutral | $117.31B | 7.90 | 5.52% | 5.62% | 4.29% | ― |
* Energy Sector Average
CVX
Chevron
197.25
65.95
50.23%
BP
BP
46.14
18.72
68.30%
COP
Conocophillips
125.11
40.76
48.32%
XOM
Exxon Mobil
162.55
62.09
61.81%
OXY
Occidental Petroleum
60.70
20.44
50.78%
SHEL
Shell
88.46
23.98
37.18%
Chevron Corporate Events
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.