Chevron Corporation
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Range $174 – $230
Price Chart
About the company
Chevron Corporation functions as a global energy and chemicals powerhouse, orchestrating its diverse operations worldwide. The company's business is organized into two primary divisions: Upstream and Downstream. The Upstream segment focuses on the full lifecycle of crude oil and natural gas, from their initial exploration and development to production and subsequent transportation.
- CEO
- Michael K. Wirth
- IPO
- 1921
- Employees
- 43,039
- HQ
- Houston, TX, US
AI snapshot
Six angles, distilled from the data.
The stock is in a constructive long-term uptrend, trading above its 200-day and 50-day moving averages. It sits in the upper end of its 52-week range, which signals persistent institutional support rather than a deep-value setup.
Street sentiment stays moderately positive, with a Buy consensus and an average target around 206.93, above the current share price. Recent calls have been mixed but constructive: Wolfe turned more bullish, while Jefferies trimmed its target to 216 from 236 and several firms kept Buy/Overweight views.
Chevron has a strong recent beat pattern, with 6 of the last 7 quarters topping estimates, including a 45.4% upside surprise in the latest reported quarter. Next-quarter expectations are much higher at 5.79 EPS versus 1.41 last quarter, so shareholders should watch whether upstream and downstream margins can support that reset.
Recent activity leans to net selling, driven by four large director sales from John B. Hess on May 20. The May 27 director awards look like routine equity grants, so the main signal is insider monetization rather than broad accumulation.
Profitability is solid but not stretched: gross margin is 42.4%, operating margin 7.31%, and net margin 5.93%. Revenue grew 2.3% year over year, while EPS growth was sharply negative at -44.5%, showing earnings remain more cyclical than sales.
Chevron’s integrated model gives it steadier cash generation than more pure-play upstream names, but it still trades with commodity exposure. At 29.93x earnings, the valuation is not cheap for an energy major, so the setup favors execution and cash flow durability over multiple expansion.
Similar companies
Peers in the same neighborhood.
- Market Cap
- $374.98B
- P/E
- 32.52
- Fwd P/E
- 12.98
- PEG
- -0.95
- P/S
- 2.02
- P/B
- 2.03
- EV/EBITDA
- 10.00
- Div Yield
- 3.71%
- Gross Margin
- 25.43%
- Op Margin
- 8.40%
- Net Margin
- 5.92%
- ROE
- 6.23%
- ROIC
- 3.31%
Latest fiscal year · YoY change
- Revenue
- $184.43B-4.6%
- Gross Profit
- $56.09B-1.5%
- Op Income
- $16.67B
- Net Income
- $12.30B-30.4%
- EPS
- $6.65-31.9%
- OCF Growth
- +7.8%
- FCF Growth
- +10.3%
- 52W High
- $214.71
- 52W Low
- $146.49
- 50D MA
- $182.80
- 200D MA
- $174.57
- Beta
- 0.49
- RSI (14)
- 57
- Avg Volume
- 9.24M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Chevron reported a solid Q1 with $2.2 billion in earnings, $7.1 billion of operating cash flow excluding working capital, and management said 2026 guidance remains unchanged despite heightened geopolitical volatility.· May 1, 2026
- Q1 earnings were $2.2 billion, or $1.11 per share; adjusted earnings were $2.8 billion, or $1.41 per share.
- Organic CapEx was $3.9 billion, inorganic CapEx was about $200 million, and full-year capital guidance remains intact.
- Production was up about 500 thousand barrels per day versus 2025, helped by legacy Hess integration and organic growth.
- Management said upstream and downstream integration is improving value capture, with U.S. production above 2 million boe/d and LNG assets running strongly.
- The company sees strong momentum into Q2, but timing effects from March commodity price moves were a major swing factor in Q1.
Chevron reported first-quarter earnings of $2.2 billion, or $1.11 per share, versus adjusted earnings of $2.8 billion, or $1.41 per share. The quarter included a $360 million legal reserve charge and foreign currency effects that reduced earnings by $223 million. Organic CapEx was $3.9 billion and inorganic CapEx was about $200 million; cash flow from operations, excluding working capital, was $7.1 billion, adjusted free cash flow was $4.1 billion, and share repurchases were $2.5 billion. Adjusted earnings were $440 million lower than last quarter, with Upstream up on higher realizations and lower DD&A, and Downstream down mainly from unfavorable timing effects of around $3 billion tied to the March price spike. Management said 2026 guidance is unchanged, capital spending is consistent with prior guidance, production is still expected to grow 7% to 10% this year, the budget is $18 billion to $19 billion, and the structural cost reduction target remains $3 billion to $4 billion by year-end. They also reiterated the 2030 targets shared in November: over 10% growth in adjusted free cash flow and EPS and a 3% improvement in ROCE, all at $70 Brent.
Mike Wirth struck a confident but cautious tone, emphasizing disciplined capital allocation, cost control, and a resilient portfolio despite market volatility and Middle East tensions. He said the company has “great visibility through 2030” and is positioned to capture value through integrated upstream/downstream operations, especially with higher equity crude flows and strong refinery utilization. On geopolitics, he said it is too early to draw firm long-term conclusions, but Chevron will stay consistent on discipline and investment in low-cost, long-life assets.
Eimear Bonner focused on the quarter’s financial mechanics and reiterated that guidance is unchanged. She highlighted $2.2 billion of reported earnings, $2.8 billion adjusted earnings, $7.1 billion of operating cash flow excluding working capital, $4.1 billion of adjusted free cash flow, and $2.5 billion of buybacks, while noting $3 billion of unfavorable timing effects and a $360 million legal reserve charge. She said the company is on track for its full-year capital guidance, with $18 billion to $19 billion of capital spending, 7% to 10% production growth, and $3 billion to $4 billion of structural cost reductions by year-end.
Analysts focused on the Middle East conflict, refinery and crude integration, capital allocation at higher prices, Venezuela receivables, TCO performance, LNG flexibility, and climate litigation. Management repeatedly said it is too early to change the framework from the conflict, and that Chevron will keep capital and cost discipline while using its integrated portfolio to move equity crude and capture margins. On Venezuela, Wirth said the roughly $1.5 billion receivable could still be outstanding at year-end but may be fully paid off sometime in 2027, and that more capital would only be considered after clearer fiscal, tax, royalty, and dispute-resolution terms.
The call pointed to strong operational momentum: U.S. production above 2 million boe/d, LNG assets at full rates, TCO back at full service, and refining running at high utilization. Management also sounded confident that integration across upstream, downstream, and affiliates will support earnings and cash flow, with more than $2 billion of extra affiliate distribution guidance and additional upside if prices stay strong.
A big Q1 earnings swing came from about $3 billion of unfavorable timing effects, and management said these can reverse when prices move the other way. The Middle East conflict, Venezuela terms, and potential policy responses to supply shocks all remain unresolved, while the company acknowledged it is still carrying a Venezuela receivable and does not yet have enough data to fully quantify some asset upside like TCO debottlenecking.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 99.6%
- Shares Outstanding
- 1.99B
- Float Shares
- 1.98B
of shares held by institutions
4,375 13F filers
Buy/sell ratio 1.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for CVX, newest first.
| Member | Type | Traded | |
|---|---|---|---|
| David TaylorHouse · OH02 | Buy | Jun 15, 26 | Filing → |
| Tim WalbergHouse | Buy | Feb 7, 25 | Filing → |
| Michael McCaulHouse · TX10 | Sell | Mar 13, 26 | Filing → |
| Michael McCaulHouse · TX10 | Sell | Mar 4, 26 | Filing → |
| Michael McCaulHouse · TX10 | Sell | Mar 23, 26 | Filing → |
| David TaylorHouse · OH02 | Sell | Mar 11, 26 | Filing → |
| David TaylorHouse · OH02 | Sell | Mar 12, 26 | Filing → |
| Gilbert CisnerosHouse · CA31 | Buy | Feb 10, 26 | Filing → |
| David TaylorHouse · OH02 | Sell | Feb 26, 26 | Filing → |
| Gilbert CisnerosHouse · CA31 | Sell | Jan 9, 26 | Filing → |
| Gilbert CisnerosHouse · CA31 | Sell | Jan 9, 26 | Filing → |
| Markwayne MullinSenate · OK | Buy | Dec 29, 25 | Filing → |
| Markwayne MullinSenate · OK | Buy | Dec 29, 25 | Filing → |
| Julie JohnsonHouse · TX32 | Sell | Dec 18, 25 | Filing → |
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Vanguard Group Inc | 182.96M | ▼ 828.50K |
| State Street Corp | 153.14M | ▲ 856.65K |
| Blackrock, Inc. | 144.72M | ▲ 3.43M |
| Berkshire Hathaway Inc | 84.38M | ▼ 45.78M |
| Geode Capital Management, LLC | 43.68M | ▲ 64.09K |
| Morgan Stanley | 36.85M | ▲ 541.38K |
| Charles Schwab Investment Management Inc | 36.12M | ▲ 81.64K |
| Bank Of America Corp | 27.63M | ▲ 1.33M |
| Norges Bank | 24.46M | ▲ 24.46M |
| Fisher Asset Management, LLC | 21.89M | ▲ 415.52K |
| Jpmorgan Chase & Co | 20.34M | ▲ 1.38M |
| Northern Trust Corp | 20.28M | ▼ 514.07K |
Held by 1,892 ETFs
Biggest fund positions in CVX by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| May 27, 26 | Huntsman Jon M Jr | other | 1,272 |
| May 27, 26 | REED DEBRA L | other | 1,272 |
| May 27, 26 | WARNER CYNTHIA J | other | 1,272 |
| May 27, 26 | Umpleby III Donald J | other | 1,272 |
| May 27, 26 | Moyo Dambisa F | other | 1,272 |
| May 27, 26 | HORTON THOMAS W | other | 1,272 |
| May 27, 26 | HEWSON MARILLYN A | other | 1,272 |
| May 27, 26 | HESS JOHN B | other | 1,272 |
| May 27, 26 | HERNANDEZ ENRIQUE JR | other | 1,272 |
| May 27, 26 | Frank John | other | 1,272 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our CVX coverage
Recent articles, reports, and earnings notes.

Chevron (CVX): Free Cash Flow Growth Through 2030
Chevron pairs integrated energy scale with visible production growth, strong free cash flow, and disciplined capital returns. The stock looks attractive for investors who want a high-quality oil major with medium-term upside and cycle resilience.

The market breadth story is still weaker than it looks
The latest rotation into energy, utilities, healthcare, and parts of industrials looks less like a healthy handoff from tech and more like a market looking for cover. With semis and software wobbling while oil, defensives, and rate-sensitive groups hold up, this is a stress trade until proven otherwise.

The oil shock is an inflation scare for transports and retailers before it is a lasting win for energy
The market keeps trying to turn every Middle East flare-up into an instant buy signal for oil majors. We think the cleaner near-term trade is the opposite: higher fuel and freight costs pressure airlines and retailers first, while a durable energy rerating still requires an actual, persistent supply disruption.
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AI analysis · Last refreshed July 24, 2026 · Live quote · Not investment advice