HSBC reiterated its Buy rating on Chevron and raised its price target to $250 from $218. The bank cited Chevron’s sensitivity to elevated oil prices and stronger cash flow outlook, saying these factors support greater confidence in the company’s future performance.
The revised target follows Chevron’s second-quarter 2026 results. The company reported revenue of approximately $70.06 billion. Diluted earnings per share were $6.11.
Record U.S. production and high throughput at domestic refineries bolstered the results. HSBC’s analysis also included a substantial increase in its earnings estimates for Chevron.