5 Best Crude Oil Stocks to Buy According to Analysts

2. Chevron Corporation (NYSE:CVX)

On April 17, BNP Paribas upgraded Chevron Corporation (NYSE:CVX) to Outperform from Neutral with a $174 price target. The firm argued that collapsing oil and product inventories amid the Iran war could trigger an extended upside cycle in crude prices. With security concerns rising, OPEC seeking stronger revenues, and limited non-OPEC supply growth, Chevron is expected to benefit from higher realized prices and stronger operating cash flow.

The same day, Chevron Corporation (NYSE:CVX) also scored an important legal victory when the U.S. Supreme Court ruled 8-0 in its favor regarding venue in a lawsuit tied to Louisiana coastal erosion claims. The justices found Chevron had plausibly alleged that certain refining activities were carried out on behalf of the federal government during World War II, allowing the case to proceed in federal rather than state court. While litigation is never ideal, favorable rulings can reduce uncertainty and remove potential overhangs for investors.

Chevron Corporation (NYSE:CVX) is one of the world’s largest integrated energy companies and a recognized supermajor. The company traces its roots to Pacific Coast Oil Company in 1879 and is now headquartered in Houston, Texas. Chevron operates across upstream oil and gas, refining, chemicals, LNG, and renewable initiatives. Its global asset base includes high-quality projects in the Permian Basin, Gulf of Mexico, Kazakhstan, and Australia.

Chevron Corporation (NYSE:CVX)’s investment appeal lies in its combination of financial strength, operational discipline, and shareholder returns. Historically, the company has maintained one of the strongest balance sheets among oil majors and has prioritized dividends and buybacks. It also tends to be more conservative with capital spending than many peers, which can support returns across cycles.