Scotiabank Raises CVX Target to $168 in U.S. Integrated Oil and E&P Update

Chevron Corporation (NYSE:CVX) is included among the 15 Best High Yield Stocks to Buy.

On January 16, Scotiabank raised its price target on Chevron Corporation (NYSE:CVX) to $168 from $165. The firm maintained a Sector Perform rating on the stock. The bank said the change is part of a wider update to its coverage across U.S. integrated oil, refining, and large-cap E&P companies. Scotiabank also expects this quarter’s earnings picture to be fairly clean, mainly because there haven’t been any major winter weather events to disrupt operations. Looking ahead, the firm thinks investors will be focused on whether the recent market volatility leads companies to adjust their 2026 guidance and whether more E&P players start rolling out cost-cutting programs.

At the same time, Chevron is also getting attention because of the activity in Venezuela. On January 16, Reuters reported that the US is moving quickly to grant Chevron a broader license that would expand its ability to operate and produce oil in the country, according to US Energy Secretary Chris Wright. The report said the US plans to allow Chevron to pay the Venezuelan government in cash rather than crude, which would be a major shift since it would let Chevron sell all of the oil it produces there.

Under the current license terms, Chevron has been paying Venezuela’s royalties and taxes using oil, not cash. That setup has effectively limited the company’s exports to roughly half of what it produces in the country. Reuters also noted that the Trump administration has been working to restart Venezuela’s oil industry after Nicolás Maduro was removed from power earlier this month, and Chevron is expected to receive an updated license that could support higher production and exports.

Chevron Corporation (NYSE:CVX) is one of the world’s largest integrated energy companies, producing oil and natural gas while also making fuels, lubricants, petrochemicals, and other energy-related products, along with investing in new technologies to strengthen its operations.

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