Wall Street Gets Bullish on Chevron (CVX). Here is Why

Chevron Corporation (NYSE:CVX) is included among the 14 Best Oil and Gas Stocks to Buy According to Hedge Funds.

Chevron Corporation (NYSE:CVX) manufactures and sells a range of high-quality refined products, including gasoline, diesel, marine and aviation fuels, premium base oil, finished lubricants, and fuel oil additives.

Chevron Corporation (NYSE:CVX) has received significant positive attention from analysts over the last week. On May 27, Mizuho analyst Nitin Kumar raised the firm’s price target on the stock from $225 to $230, while maintaining an ‘Outperform’ rating on the shares. The revised target, which reflects an upside of 26% from the current levels, comes after the analyst firm raised its outlook on global oil prices and US refining margins amid the Middle East crisis.

Similarly, earlier on May 26, Barclays also upped its price target on Chevron Corporation (NYSE:CVX) from $192 to $213, but kept an ‘Equal Weight’ rating on the shares. The analyst firm believes that the depleting inventories, shrinking spare capacity within OPEC, and a “muted” US supply response to the Middle East disruptions are contributing to a tighter oil macro environment that is not yet fully reflected in the valuations of energy stocks.

Lastly, on May 22, Morgan Stanley also boosted its price target on Chevron Corporation (NYSE:CVX) by $2, while keeping its ‘Overweight’ rating (read more details here).

While we acknowledge the risk and potential of CVX as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than CVX and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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