Chevron Analysts Raise Their Forecasts After Better-Than-Expected Q3 Earnings

Chevron Corp. (NYSE:CVX) on Friday reported better-than-expected third-quarter 2026 results.

Chevron reported third-quarter adjusted earnings of $5.28 per share, beating analysts’ consensus estimate. Revenue surged 35.4% year over year to $65.237 billion from $48.169 billion, topping Wall Street expectations.

"Third quarter production was nearly four million barrels of oil equivalent per day despite anticipated entitlement impacts and planned turnarounds, highlighting sustained operating performance across the portfolio," Chief Financial Officer Eimear Bonner said.

Chevron’s Venezuela joint ventures plan to invest $7 billion over five years, targeting gross production of approximately 600,000 barrels per day by 2031.

Chevron shares fell 1.7% to trade at $231.53 on Monday.

These analysts made changes to their price targets on Chevron following earnings announcement.

• Wells Fargo analyst Sam Margolin maintained the stock with an Overweight rating and raised the price target from $230 to $268.
• Evercore ISI Group analyst Stephen Richardson maintained the stock with an Outperform rating and raised the price target from $225 to $250.

Considering buying CVX stock? Here’s what analysts think:

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