Chevron Stock Is Near a Record High. Here’s Why the Rally May Not Be Over

CVX surged 43% YTD to brush a record $212.79, but the 24/7 Wall St. HOLD target of $204.67 implies roughly 4% downside.

Exxon's P/E of 23 versus Chevron's 34 and superior ROE of 11% make CVX's premium look fair but not cheap relative to peers.

A 20-year Microsoft power purchase agreement at Project Kilby could unlock commodity-independent cash flow and push CVX toward the $228 bull target.

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Chevron has ripped higher through 2026, and the rally has pushed shares within reach of a fresh record. The question I want to answer is whether the 24/7 Wall St. price target still sees room to run, or whether the market has already priced in the good news.

Chevron ( NYSE:CVX ) trades at $212.26, up 42.82% year to date and 36% over the past year. Our 24/7 Wall St. price target for Chevron is $204.67, implying downside of 3.81% over the next twelve months. Our recommendation is hold, with high model confidence of 90%.

Our 24/7 Wall St. price target sits just below where Chevron trades today.

Bull scenarios exist: the 20-year Microsoft ( NASDAQ:MSFT ) power purchase agreement covering 2.67 gigawatts at Project Kilby could unlock a new commodity-independent cash flow stream, and Brent staying elevated on Strait of Hormuz tightness could easily push earnings past current estimates. Consider the target one datapoint. A full bull case follows below.

Chevron is up 10.58% over the past month and 5.78% over the past week, brushing against a 52-week high of $212.79.

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Q2 FY26 was the fuel: adjusted EPS of $6.06, revenue of $67.20B (+51.43% YoY), and worldwide production of 4,070 MBOED (+20% YoY), marking a seventh straight EPS beat. Chevron also cut total debt by $8.41B in the quarter. WTI has cooperated too, climbing to $91.48 on September 1 from the mid-$70s a month earlier.