Scotiabank Raises Chevron (CVX) Target, Sees Mixed Trends Across Energy Sector

Chevron Corporation (NYSE:CVX) is included among the 10 Best Bear Market Stocks to Invest in Right Now.

On April 22, Scotiabank raised its price recommendation on Chevron Corporation (NYSE:CVX) to $187 from $168. It reiterated a Sector Perform rating on the shares. The firm said it is updating price targets for US Integrated Oil, Refining, and Large Cap E&P companies under its coverage. Its view on the sector remains mixed. It is generally above consensus earnings estimates for the E&P group, while sitting below expectations for independent refiners. Looking ahead, the firm expects investor focus to shift toward whether recent volatility in the oil market will affect activity levels in 2026 and beyond.

On April 23, Reuters reported that Chevron had fully restored production at its Wheatstone LNG facility in Western Australia after completing repairs tied to cyclone damage from the prior month. The company said Tropical Cyclone Narelle hit the 8.9 million-ton-per-year plant in late March, forcing both LNG processing trains offline.

Danny Woodall, director of operations and maintenance for Australia, said the cyclone’s extreme winds damaged several hundred air-cooled heat exchangers, known as fin fans, making the repair process both extensive and complex. He added that domestic gas supply for Western Australian customers was restored within about a week, while LNG production returned gradually over time.

Chevron Corporation (NYSE:CVX) is an integrated energy company. It produces crude oil and natural gas, manufactures transportation fuels, lubricants, petrochemicals, and additives, and develops technologies to support its operations and the broader industry.

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