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Chevron shares get price target boost as rally resumes in 2026
Morgan Stanley lifted its Chevron price target to $218, saying the stock is still lagging refiners after a more than 35% gain since the start of 2026.
Chevron shares have resumed their upward move in 2026, after hitting an all-time peak earlier this year and rising more than 35% since the start of 2026, according to Yahoo Finance. The latest bounce comes amid high energy prices and strong earnings, with the stock recently pulling back for a few months before turning higher again.
On August 19, Morgan Stanley raised its price target on Chevron from $210 to $218 and kept an Overweight rating. The target is nearly 6% above current levels and sits above Chevron's earlier all-time high of just under $215 achieved this year.
Morgan Stanley said its bullish view reflects updated energy-sector estimates tied to the latest 2026 outlooks and current pricing for oil and refining margins. The firm added that integrated energy companies, including Chevron, have not rallied as much as pure-play refiners, which have each gained more than 100% since the beginning of 2026.
The article also points to company-specific factors supporting the investment case, including Chevron's elevated energy-price environment, cost-cutting plans, and lower exposure to Middle East production than some peers. Yahoo Finance notes Chevron delivered its highest quarterly profit in at least six years in Q2, remains on track for $3 billion to $4 billion in structural cost reductions by year end, and expects shale production costs to fall by 25% per barrel year over year in 2026.