8 Best Natural Resources Stocks to Buy Now

6. Chevron Corporation (NYSE:CVX)

On May 27, 2026, Mizuho analyst Nitin Kumar raised the firm’s price target on Chevron Corporation (NYSE:CVX) to $230 from $225 and maintained an Outperform rating on the shares. Kumar said Mizuho expects the Iran crisis to have a prolonged impact on global oil prices and refining cracks. The firm raised its 2026 and 2027 oil price outlook by 25% and 6%, respectively, while increasing its forecast for U.S. refining cracks by 61% and 51%. Mizuho said a pullback in stock valuations despite elevated commodity prices creates an opportunity for investors to seek “alpha” in U.S. oil and gas.

Meanwhile, Barclays raised the firm’s price target on Chevron Corporation (NYSE:CVX) to $213 from $192 and maintained an Equal Weight rating on the shares. Barclays said depleting inventories, shrinking OPEC spare capacity, and a “muted” U.S. production response to the Middle East war are reinforcing a tighter oil macro backdrop that is not fully reflected in equities. The firm said this sets up oil exploration and production companies for a share re-rating after the conflict, while also cutting its gas price outlook on near-term oversupply.

Earlier in May, Chevron Corporation (NYSE:CVX) reported Q1 adjusted EPS of $1.41, ahead of the consensus estimate of 97c. Revenue totaled $48.61B, below the consensus estimate of $52.7B. Chairman and CEO Mike Wirth said Chevron delivered “solid first quarter performance” despite geopolitical volatility and supply disruptions. Wirth also cited strong operating results in the United States, particularly after the integration of Hess, and continued growth in the Gulf of America and Permian Basin.

Chevron Corporation (NYSE:CVX), through its subsidiaries, engages in integrated energy and chemicals operations in the United States and internationally.

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