Track market-moving stories before they get noisy

Posted by Defense World Staff on Jul 25th, 2026

Bollard Group LLC grew its holdings in shares of Chevron Corporation (NYSE:CVX – Free Report) by 3.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 135,446 shares of the oil and gas company’s stock after purchasing an additional 4,626 shares during the quarter. Chevron makes up about 0.8% of Bollard Group LLC’s investment portfolio, making the stock its 20th biggest position. Bollard Group LLC’s holdings in Chevron were worth $28,024,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. State Street Corp grew its holdings in Chevron by 9.1% in the third quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company’s stock valued at $23,698,184,000 after purchasing an additional 12,789,399 shares during the period. Berkshire Hathaway Inc raised its position in shares of Chevron by 6.6% in the 4th quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company’s stock worth $19,837,131,000 after buying an additional 8,091,570 shares during the period. Geode Capital Management LLC raised its position in shares of Chevron by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 43,613,011 shares of the oil and gas company’s stock worth $6,620,187,000 after buying an additional 134,890 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Chevron by 2.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 36,036,844 shares of the oil and gas company’s stock valued at $5,492,377,000 after acquiring an additional 961,341 shares during the last quarter. Finally, Norges Bank acquired a new position in Chevron in the fourth quarter valued at $3,727,586,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Insider Buying and Selling at Chevron In other news, Director John B. Hess sold 380,000 shares of the company’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total value of $73,416,000.00. Following the sale, the director owned 278,045 shares in the company, valued at approximately $53,718,294. This represents a 57.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.56% of the company’s stock.

Trending Headlines about Chevron Here are the key news stories impacting Chevron this week:

Positive Sentiment: Chevron was highlighted as one of the biggest beneficiaries of the recent oil rally, with Brent briefly topping $100 a barrel and integrated oil majors gaining as investors price in tighter global supply. BATL, CVX, XOM Stocks Rise As Brent Crude Tops $100 – Trump Threatens Iran With ‘Major Military Punishment’ After Houthi Attack On Saudi Ships Positive Sentiment: Chevron was also singled out as the only “outperform”-rated global oil major in Piper Sandler’s new coverage, reinforcing a relatively favorable analyst view versus peers. Chevron only outperform-rated name among global oil majors initiated at Piper Sandler Neutral Sentiment: Recent commentary says Chevron is rallying despite a classic bearish signal, suggesting momentum traders are still buying the stock even after the move in oil. Chevron ignored a classic bearish call: Here’s why stock is rallying Neutral Sentiment: Several previews ahead of next week’s earnings note that Chevron is expected to report higher earnings, but one Zacks piece warns the company may not have the ideal setup for a clear beat. Chevron (CVX) Earnings Expected to Grow: What to Know Ahead of Next Week’s Release Negative Sentiment: Some analysis cautions that Chevron’s rally could face headwinds if Chinese crude demand weakens, which could limit upside even if oil prices remain elevated. Chevron’s Biggest Stock Rally Since 2022 Faces a China-Sized Problem Chevron Stock Performance Shares of CVX opened at $194.72 on Friday. The firm has a market cap of $387.80 billion, a price-to-earnings ratio of 33.75, a PEG ratio of 0.69 and a beta of 0.50. The company has a quick ratio of 0.84, a current ratio of 1.09 and a debt-to-equity ratio of 0.21. The business’s 50 day moving average is $182.12 and its two-hundred day moving average is $183.83. Chevron Corporation has a 52-week low of $146.49 and a 52-week high of $214.71.

Chevron (NYSE:CVX – Get Free Report) last released its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.41. The business had revenue of $47.56 billion during the quarter, compared to the consensus estimate of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the company earned $2.18 earnings per share. Analysts forecast that Chevron Corporation will post 14.75 EPS for the current fiscal year.

Chevron Announces Dividend The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th were issued a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend was Tuesday, May 19th. Chevron’s dividend payout ratio (DPR) is currently 123.40%.

Wall Street Analysts Forecast Growth A number of equities analysts have recently commented on the company. Citigroup raised their price objective on Chevron from $210.00 to $235.00 and gave the stock a “buy” rating in a report on Thursday, April 2nd. Morgan Stanley reduced their price target on shares of Chevron from $214.00 to $210.00 and set an “overweight” rating on the stock in a research report on Monday, June 29th. Wells Fargo & Company increased their price objective on shares of Chevron from $204.00 to $222.00 and gave the stock an “overweight” rating in a research report on Thursday, April 9th. TD Cowen raised their target price on shares of Chevron from $197.00 to $200.00 and gave the company a “hold” rating in a research note on Wednesday. Finally, Jefferies Financial Group restated a “buy” rating and set a $216.00 price objective on shares of Chevron in a research note on Friday, July 10th. Nineteen analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Chevron presently has a consensus rating of “Moderate Buy” and a consensus price target of $205.17.

Check Out Our Latest Stock Report on CVX

Chevron Company Profile (Free Report)

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.

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The market expects Chevron (CVX - Free Report) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.

The earnings report, which is expected to be released on July 31, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis oil company is expected to post quarterly earnings of $5.79 per share in its upcoming report, which represents a year-over-year change of +227.1%.

Revenues are expected to be $57.53 billion, up 28.4% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 21.89% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Chevron?For Chevron, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that Chevron will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Chevron would post earnings of $0.92 per share when it actually produced earnings of $1.41, delivering a surprise of +53.26%.

Over the last four quarters, the company has beaten consensus EPS estimates four times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Chevron doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Energy is back in focus midday Thursday. WTI crude oil is up 6% over the past 24 hours to $91.94 per barrel, and Barron's reported that WTI briefly hit $100 per barrel earlier today, its first time above $100 in nearly two months, before settling near $91.94.

23.7.2026 19:01

Index Dow Jones -0,92 % na 51739,82 b. S&P 500 -1,19 % na 7409,52 b. Nasdaq Composite -2,1 % na 25151,85 b.

Index Dow Jones odepisuje téměř procento pří výprodeji technologických společností. Mimo Alphabet klesá i Amazon (- 4,1 %) a Salesforce ( -3,5 %). Z indexu S&P 500 se mimo komunikační služby nedaří zbytné spotřebě, kde reportovala výsledky společnost Tesla (- 14 %).

Thermo Fisher Scientific (8,2 %) roste po kvartálním reportu. Mimo dobré čísla management uvedl, že společnost cítí oživení poptávky ve všech hlavních segmentech. Nejedná se přitom o pouhé doplňování zásob, ale i dodávání analytických přístrojů, jelikož divize Analytical Instruments vzrostla o 15 %. Tržby za minulý kvartál dosahují USD 11,99 mld. a společně se ziskem na akcii USD 6,03 překonávají očekávání trhu. Společnost rovněž navyšuje odhad celoročního zisku na akcii na horní hranu USD 25,33.

Smíšený pocit z kvartálních výsledků mají investoři Freeport-McMoRan (- 2,6 %). Společnost sice dosáhla na lepší ziskovost, než bylo očekávání a reportovala EPS ve výši USD 0,74. Meziroční nárůst prodejní ceny mědi dosáhl 40 %. Vyšší prodejní ceny tak kompenzují nižší objemy produkce, které u zlata dosahují 40 % a u mědi 18 %. Management snížil výhled prodeje v dalším kvartále kvůli pomalému obnovování těžby v indonéském dole, který by měl dosáhnout plnou kapacitu až v příštím roce.

Lockheed Martin (10 %) reportoval silné výsledky za uplynulý kvartál. Růst tržeb dosáhl 11 % na mld. 20,1 USD a zisk na akcii překonal na úrovni USD 7,94 očekávání. Management současně navýšil celoroční výhled a tržby posadil mezi USD 79,75 – 81,75 mld. při zisku na akcii 29,95 – 30,65. Nevyřízené zakázky dosahují historické maximum společnosti USD 230 mld.

Po včerejším uzavření trhu reportovala výsledky i společnost Texas Instruments (- 4,4 %). Růst tržeb meziročně dosáhl na 23 % a nad konsenzus se dostal i zisk na akcii ve výši USD 2,14. Management v dalším kvartálu očekává jeho další růst na USD 2,23 – 2,57. Provozní výsledky a výhled byl slušný, ale trh nadále vyrušuje výše capex investic, které omezuje volné cash flow.

Výsledky dále zveřejnila i IBM (- 0,5 %) a společnost Alphabet (- 6,6 %).

SK Hynix (4,9 %) stanovuje limit na celkový počet vydaných ADR, které se obchodují v USA na 2,5 % všech akcií společnosti.

Uber Technologies (- 2,15 %) propustil 10 % zaměstnanců v divizi Community Operations, která se stará o zákaznickou a řidičskou podporu. Společnost dříve propustila přibližně 23 % zaměstnanců HR. K zefektivnění provozu ji pomáhá umělá inteligence.

Blízký východ je nadále velmi turbulentní. Futures na ropu Brent jsou opět nad USD 100 při téměř 7 % růstu. WTI se obchoduje nad USD 92. Hútíové oznámili, že zaútočili na dva saúdské tankery v Rudém moři. Posilují ropné společnosti. Exxon připisuje 1,87 % a Chevron roste o 1,5 %.

Index S&P 500 -1,19 % na 7409,52 b. Nejsilnější sektory S&P Změna Nejslabší sektory S&P Změna Průmysl +1,8 % Zbytná spotřeba -4,9 % Energie +1 % Komunikační služby -4,8 % Zdravotní péče +0,8 % Nezbytná spotřeba -1,4 % Nejsilnější akcie S&P Změna Nejslabší akcie S&P Změna Allegion (ALLE) +13 % Tesla (TSLA) -14 % United Rentals (URI) +12 % Rollins (ROL) -9,3 % Lockheed Martin Corp (LMT) +10 % Dover Corp (DOV) -7,7 % Thermo Fisher Scientific (TMO) +8,2 % Globe Life (GL) -7,7 % RTX Corp (RTX) +7,2 % T-Mobile US (TMUS) -6,8 %
Marek Kameništiak
Fio banka, a.s.
Prohlášení

Posted by Defense World Staff on Jul 23rd, 2026

AR Asset Management Inc. raised its position in Chevron Corporation (NYSE:CVX – Free Report) by 5.5% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 119,618 shares of the oil and gas company’s stock after purchasing an additional 6,254 shares during the period. Chevron accounts for approximately 4.8% of AR Asset Management Inc.’s portfolio, making the stock its 2nd biggest holding. AR Asset Management Inc.’s holdings in Chevron were worth $24,749,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Cornerstone Advisory LLC boosted its stake in Chevron by 0.9% during the first quarter. Cornerstone Advisory LLC now owns 5,625 shares of the oil and gas company’s stock worth $1,164,000 after buying an additional 52 shares during the last quarter. Compton Financial Group LLC grew its holdings in Chevron by 1.9% in the 1st quarter. Compton Financial Group LLC now owns 2,944 shares of the oil and gas company’s stock valued at $609,000 after buying an additional 56 shares in the last quarter. Quantum Portfolio Management LLC increased its stake in shares of Chevron by 2.7% in the 1st quarter. Quantum Portfolio Management LLC now owns 2,101 shares of the oil and gas company’s stock worth $435,000 after acquiring an additional 56 shares during the last quarter. D.B. Root & Company LLC increased its stake in shares of Chevron by 1.0% in the 4th quarter. D.B. Root & Company LLC now owns 5,552 shares of the oil and gas company’s stock worth $846,000 after acquiring an additional 57 shares during the last quarter. Finally, Chatterton & Associates Inc. raised its holdings in shares of Chevron by 1.7% during the 1st quarter. Chatterton & Associates Inc. now owns 3,427 shares of the oil and gas company’s stock worth $652,000 after acquiring an additional 57 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Stock Up 1.0% Shares of Chevron stock opened at $193.04 on Thursday. Chevron Corporation has a 52-week low of $146.49 and a 52-week high of $214.71. The company has a 50 day moving average of $181.88 and a 200 day moving average of $183.48. The company has a quick ratio of 0.84, a current ratio of 1.09 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $384.45 billion, a P/E ratio of 33.46, a P/E/G ratio of 0.67 and a beta of 0.50.

Chevron (NYSE:CVX – Get Free Report) last released its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.41. The business had revenue of $47.56 billion during the quarter, compared to analysts’ expectations of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The company’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period in the previous year, the company earned $2.18 EPS. As a group, research analysts forecast that Chevron Corporation will post 14.78 EPS for the current fiscal year.

Chevron Dividend Announcement The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th were issued a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend was Tuesday, May 19th. Chevron’s payout ratio is 123.40%.

Insider Transactions at Chevron In other news, Director John B. Hess sold 380,000 shares of the company’s stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the completion of the transaction, the director directly owned 278,045 shares of the company’s stock, valued at approximately $53,718,294. This represents a 57.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.56% of the stock is owned by company insiders.

Key Headlines Impacting Chevron Here are the key news stories impacting Chevron this week:

Positive Sentiment: TD Cowen lifted its price target on Chevron to $200 from $197, signaling continued analyst confidence despite keeping a hold rating. TD Cowen price target update Positive Sentiment: Chevron is being highlighted in dividend-focused articles as a steady income name, which may support demand from long-term investors. Dividend Aristocrats article Positive Sentiment: Rising oil prices amid geopolitical uncertainty are favorable for Chevron’s upstream business and could improve near-term earnings. Oil prices jump article Neutral Sentiment: Chevron shut production at a U.S. Gulf platform ahead of a tropical storm, a precautionary move that could limit output temporarily but is not necessarily a lasting operational issue. Production shutdown article Neutral Sentiment: Investors are awaiting Chevron’s second-quarter earnings, with expectations for a strong profit rebound; the report could become a major stock catalyst. Earnings preview article Analysts Set New Price Targets Several equities research analysts recently issued reports on CVX shares. Sanford C. Bernstein cut their price objective on shares of Chevron from $216.00 to $204.00 and set a “market perform” rating for the company in a research report on Monday, May 11th. Weiss Ratings downgraded shares of Chevron from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 2nd. Royal Bank Of Canada restated an “outperform” rating and set a $220.00 price target on shares of Chevron in a report on Tuesday, May 5th. Wolfe Research raised shares of Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 price target on the stock in a research report on Thursday, July 2nd. Finally, Zacks Research lowered Chevron from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 8th. Nineteen research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $206.62.

Get Our Latest Stock Report on Chevron

Chevron Company Profile (Free Report)

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.

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Goldman Sachs sees a potential return of triple-digit crude prices on the horizon if disruptions to oil flows out of the Strait of Hormuz don’t ease soon. Analysts at the investment bank estimate that Brent crude oil, the global benchmark price, could top $120 a barrel next quarter and average more than $100 a barrel next year if that key waterway remains disrupted. The recent increase in hostilities between the U.S. and Iran has already driven Brent up over $90 a barrel, a roughly 30% surge from its recent bottom in the low $70s, when it appeared that the two sides had a deal to end hostilities and reopen the Strait.

Here’s a look at the investment bank’s current oil price scenarios and what they mean for oil stocks.

Image source: Getty Images.

Two paths for oil pricesAnalysts at Goldman Sachs recently published a note outlining their outlook for crude prices. The base case is that Brent will average $80 a barrel in the fourth quarter of 2026 and be around $75 next year. This outlook assumes that there’s a de-escalation in hostilities between the U.S. and Iran before the end of this year. Despite recent attacks by both sides, there’s renewed hope that they could take steps to de-escalate the current conflict. Several news outlets recently reported that mediators presented a proposal to Iran that included a 10-day ceasefire to revive peace talks between the countries.

However, while de-escalation is Goldman Sachs’ base case, it now sees upside price risks. Oil flows out of that key waterway have nearly stopped since the recent resurgence in fighting and have averaged 45% below pre-war levels in the last month, according to Goldman’s estimates. That’s driving the bank’s upside scenario. It sees Brent surging past $120 a barrel by the fourth quarter if the Strait remains disrupted. Meanwhile, it sees crude averaging $100 a barrel next year if the disturbance continues throughout 2027, and production in the Persian Gulf doesn’t recover to its pre-war level until the end of the year, when additional oil bypass pipeline capacity comes online.

Oil stocks can thrive in either scenarioGoldman Sachs’ upside scenario for oil prices would be a boon for oil producers. They’d cash in on triple-digit crude prices, enabling them to further strengthen their balance sheets and return more cash to shareholders through higher dividends and share repurchases. However, the bank’s base case for crude prices -- $80 by the fourth quarter and $75 a barrel in 2027 -- is still a great range for oil companies.

For example, Chevron (CVX +0.16%) can thrive at $70 oil. The company initially expected to generate an additional $12.5 billion in free cash flow this year at that oil price point, fueled by its merger with Hess, recently completed expansion projects, and cost-saving initiatives. Given where crude prices have been and Goldman Sachs’ estimates for the rest of this year, Chevron will vastly exceed that projection. Meanwhile, it can grow its free cash flow at a more than 10% annual rate through 2030 at $70 oil, putting it in a position for another strong showing in 2027.

Today's Change

(

0.16

%) $

0.31

Current Price

$

190.02

Fellow oil giant ExxonMobil (XOM +1.80%) can also thrive at lower oil prices. Exxon is in the middle of a multi-year structural cost-savings initiative that has already delivered $15.6 billion in cumulative savings since 2019, with the goal of reaching $20 billion by 2030. The oil giant is also investing heavily in its highest-return, highest-margin assets. These catalysts could add $25 billion in earnings growth and $35 billion in cash flow growth by 2030 at the same prices and margins as 2024. Exxon would produce $145 billion in surplus free cash during this period at $65 Brent. It’s on track to generate a lot more surplus cash over the next year at Goldman’s base case for oil prices.

Even the base case is optimistic for oil stocksGoldman Sachs sees the potential for crude prices to top $120 a barrel next quarter if the U.S. and Iran don’t de-escalate soon. That would enable oil companies like Exxon and Chevron to generate even bigger gushers of excess free cash flow. However, they’d still thrive under its base case. That makes oil stocks compelling investments in the current environment, as they should deliver strong returns in the base case and significant upside in a higher oil price scenario.

In a battle between two of the biggest oil giants, there's a lot to like with both Chevron (CVX +1.35%) and ExxonMobil (XOM +0.94%) stocks. Investors trying to decide between the two need to dig a bit deeper to find which stock truly belongs in their portfolio. Let's compare and contrast both.

Today's Change

(

1.35

%) $

2.53

Current Price

$

189.91

Both ExxonMobil and Chevron pay dividends. ExxonMobil's quarterly dividend of $1.03 per share yields just under 3% at current prices. Chevron, however, pays $1.78 per share, yielding nearly 4%.

Regarding stock appreciation over the past five years, ExxonMobil has risen more than 150%, compared to Chevron's nearly 90% gain. ExxonMobil is a substantially larger company than Chevron by market capitalization -- exceeding $600 billion -- whereas Chevron's is nearly half that at $366 billion.

Image source: The Motley Fool.

ExxonMobil becomes a more appealing stock due to current risks. Both are well run, but Chevron faces more legal issues and geopolitical risks, particularly due to its exposure in Venezuela.

Chevron is also in a weaker cash position than ExxonMobil. Chevron's free cash flow was negative in the first quarter of 2026. The company acquired Hess in 2025 and is now in a multi-year restructuring. ExxonMobil, on the other hand, plans to repurchase $20 billion in shares in 2026 alone.

Today's Change

(

0.94

%) $

1.39

Current Price

$

148.75

From a distance, these two oil behemoths seem quite similar, but upon closer inspection of their production growth, cash-generation ability, and current execution risks, ExxonMobil has a slight edge. Right now, it's a stronger and lower-risk investment with a solid yield. If you had to choose today, ExxonMobil deserves the spot in your portfolio.

Catie Hogan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Chevron. The Motley Fool has a disclosure policy.

Artificial intelligence deployment is no longer constrained by semiconductor sector supply. The definitive bottleneck is raw electrical capacity. Over the past two years, Silicon Valley has dedicated significant capital to hoarding advanced processors and expanding data center footprints. Those computing clusters remain entirely dependent on a physical constraint that cannot be innovated away with software. They need electricity.

As hyperscalers bypass traditional utility grids to secure proprietary energy, institutional capital is flowing directly into legacy industrial and electrical equipment manufacturers. Investors are actively rotating out of highly valued software pure-plays and into the physical power components required to keep server farms online. This rotation is driven by strong earnings visibility, multi-year backlogs, and an unprecedented shift in pricing power from buyers to manufacturers.

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Shorting the Grid: America's Energy OverhaulThe United States power grid is facing a demand shock unseen in modern industrial history. The Electric Power Research Institute recently revised its macro projections, estimating that data centers will consume up to 17% of total U.S. electricity by 2030. This creates an immediate need for baseload power additions before the end of the decade.

For tech conglomerates operating on aggressive deployment schedules, traditional grid infrastructure is too slow. Multi-year utility interconnection queues, bogged down by regulatory approvals and aging infrastructure, are forcing data center operators to abandon standard grid hookups. Hyperscalers are pivoting toward behind-the-meter solutions. By co-locating natural gas generation facilities and modular power enclosures directly adjacent to their server farms, operators bypass the public grid entirely.

This structural shift requires immense physical hardware. Transformers, switchgear, liquid-cooling systems, and heavy-duty gas turbines are now the critical path to the scalability of artificial intelligence (AI).

The Backlog Boom: 100 Gigawatts and CountingWhen demand fundamentally outstrips manufacturing capacity, suppliers dictate the terms. We are seeing this dynamic play out aggressively across the primary generation and downstream distribution markets. Equipment manufacturers now command a strict seller's market, fundamentally altering their revenue visibility and margin profiles.

GE Vernova Today

$1,068.77 +10.93 (+1.03%)

As of 12:24 PM Eastern

This is a fair market value price provided by Massive. Learn more.

52-Week Range$530.16▼

$1,195.94Dividend Yield0.19%

P/E Ratio31.05

Price Target$1,089.88

In the primary generation space, GE Vernova NYSE: GEV provides a clear window into this demand curve. GE Vernova recently amassed a 100-gigawatt gas-turbine backlog, effectively selling out production capacity through 2030. Because hyperscalers are desperate to secure delivery slots, pricing leverage has shifted completely to the manufacturer. Market estimates project GE Vernova's turbine pricing will rise to $600 per kilowatt by 2027, a 200% increase from 2019 levels.

GE Vernova is capitalizing on the behind-the-meter trend directly. A recent joint venture with Chevron NYSE: CVX aims to deliver 4 gigawatts of co-located gas plant power by 2027, allowing data center operators to dodge utility bottlenecks completely.

Downstream electrical distribution tells the same story. Eaton NYSE: ETN, a leader in power management, saw data center orders spike 200% in late 2025. That localized surge catalyzed a 48% year-over-year increase in the company's electrical sector backlog, pushing committed orders to a record $19.6 billion by early 2026. This data effectively proves the core thesis. Tech sector capital expenditures are translating directly into legacy industrial revenue.

Margin Compression in the MachineEaton Today

$403.40 +3.41 (+0.85%)

As of 12:24 PM Eastern

This is a fair market value price provided by Massive. Learn more.

52-Week Range$311.92▼

$436.74Dividend Yield1.09%

P/E Ratio39.37

Price Target$423.00

While the revenue visibility is exceptional, investors understand that scaling heavy manufacturing is highly capital-intensive. Companies capturing this AI infrastructure wave are simultaneously undergoing significant internal restructuring to meet the moment.

Eaton is actively transitioning its portfolio to become a pure-play on electrification. The company is preparing to spin off its cyclical $3 billion Mobility unit in Q1 2027, shedding legacy automotive sector exposure to focus entirely on the grid-to-chip transition. The $9.5 billion acquisition of Boyd Thermal strategically positions Eaton to dominate high-margin liquid cooling, a non-negotiable requirement for next-generation, high-density AI clusters.

Growth comes with immediate costs. Eaton is currently navigating a 180-basis-point margin compression within its core Electrical Americas segment. This compression is a direct result of the heavy cash burn required to rapidly scale factory capacity and liquidate a historic backlog. Understanding this dynamic is crucial. The long-term margin expansion narrative is currently masked by the short-term capital expenditures required to build the factories.

Grounding the Hype: Pricing in the SupercycleThe market is heavily discounting this multi-year growth cycle, and valuations reflect that optimism. GE Vernova has climbed roughly 62% year to date, trading at a trailing price-to-earnings ratio of 30.8. Eaton maintains elevated momentum near 52-week highs, registering about a 26% advance since January with a trailing multiple of around 39.1.

These are priced-for-perfection multiples for legacy industrial companies. The primary execution risk is the macro dependency on hyperscaler capital expenditures. Current forward valuations assume uninterrupted, aggressive infrastructure spending by the world's largest tech conglomerates. Any macro-driven deceleration in tech spending would immediately jeopardize the multi-year revenue visibility that currently supports these elevated multiples.

Manufacturers must also flawlessly execute their capacity expansions. Supply chain bottlenecks for raw materials like copper and electrical steel could delay order fulfillment, pushing revenue recognition further down the timeline and frustrating investors anticipating immediate quarterly beats.

The Connection: Aligning Capital With the GridThe physical limits of the American power grid ultimately bind the buildout of artificial intelligence. As investment capital rapidly flows away from software and into physical infrastructure, industrial equipment manufacturers are emerging as the durable, secondary wave of the AI boom.

While the fundamental tailwinds are undeniably strong, current valuations require strict execution from management teams transitioning their manufacturing bases. Investors tracking this structural overhaul may want to monitor upcoming earnings reports for progress on margin recovery and factory scaling. Those seeking exposure to the electrification supercycle might prefer to wait for broader market pullbacks before taking a position in these critical infrastructure providers.

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When the war in Iran began on Feb. 28, Iran immediately cut off most access to the Strait of Hormuz, a vital transport route for about 20% of the world's oil supply. Since then, it has been a cycle of fragile ceasefires, flip-flop messaging, and naval blockades.

On July 14, President Donald Trump reimposed a naval blockade after yet another ceasefire negotiation fell through. And with consistent days of attacks, there are no signs of letting up from either side.

There are many implications of the conflict, and it will inevitably affect the oil industry, but by how much? Likely a bit.

Image source: The White House.

Many oil companies have benefited from a supply shock This has been a lucrative year for many oil companies. Some have been hurt because of rising crude oil prices, like some pure-play refineries; however, many more have seen profits surge and margins expand.

It's been a matter of supply and demand for oil companies. Blockades and closures of the Strait of Hormuz have caused major supply chain disruptions, and the domino effect has been felt in Americans' wallets at the gas pump.

The U.S. tried to cushion the blow by tapping into its strategic oil reserves, but there's only so much that it could help. And with the oil reserve reportedly at its lowest level since 1983, that doesn't seem like a sustainable strategy over the long term.

Big oil companies will continue raking in cash At about $79 per barrel, crude oil prices are far from the $100s we saw in March through May, but they're also noticeably higher than the $68 they were hovering near in early July, and they're likely to rise still more.

WTI Crude Oil Spot Price data by YCharts

If the blockade continues, I expect $80 to be the floor for crude oil prices for the foreseeable future. This isn't great news for consumers, as higher crude oil prices affect everything from gas prices to travel costs to shipping costs. But, realistically, most oil companies won't be walking around pouting.

This is especially true for companies like ExxonMobil (XOM +1.10%) and Chevron (CVX +1.92%), whose businesses are built for resilience because they operate in all three phases of the energy pipeline. They explore and extract crude oil, refine and transport it, and sell end products (gasoline, diesel, etc.) that millions of people use every day. Still, they're far from immune to the negative effects of supply shocks.

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Chevron is even going so far as to sign on to invest in the construction of pipelines and other transportation infrastructure to help companies and governments bypass the Strait of Hormuz. Chevron didn't just jump on board at the beginning of the war, but you can imagine that the conflict and Trump's lack of consistency have added urgency to the matter.

The president isn't shy about what he wants, though. After a meeting with Iraq Prime Minister Ali al-Zaidi on July 14, Trump said the U.S. would be "taking out a lot of oil," and "the American companies are doing it."

^SPXNRGS data by YCharts

Are oil stocks good investments right now? Oil stocks have been among the more lucrative investments so far this year, and with the conflict unresolved, I see this continuing through 2026.

If you're looking for a single oil staple you can add to your portfolio, you can't go wrong with either ExxonMobil or Chevron. ExxonMobil is better positioned for earnings growth, but Chevron is a much better option for income and dividend investors.

A better route for many investors, however, is to invest in a broad energy exchange-traded fund (ETF) like the Vanguard Energy ETF (VDE +1.26%) because it covers many different industries tied to oil. ExxonMobil and Chevron make up the bulk of it, accounting for 21.6% and 13.5%, respectively, of its assets.

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I wouldn't base an investment in oil stocks on the current Middle East conflict or Trump's policy decisions, as those situations are fluid. Instead, you should invest because of the industry's long-term stability and trajectory. An investment like the Vanguard ETF can be a long-term hold without much second-guessing.

Integrated energy outfit Chevron (CVX +1.92%) is looking beyond the traditional oil and gas business for growth opportunities. That's the chief takeaway from a late-June press release in which the company announced it was working with Microsoft to power one of its new artificial intelligence (AI) data centers in West Texas, bypassing local electric utilities.

This is just a taste, however, of the direction the energy company is moving in now that it has the option to do so.

Image source: Getty Images.

Adapting to the demands of the revolution It's not a complicated arrangement. Software powerhouse Microsoft's artificial intelligence data center in West Texas needs power. Rather than tapping a nearby utility for what may or may not be an adequate or affordable supply, the tech giant is installing 2.7 gigawatts' worth of natural gas power turbines made by GE Vernova, which will use gas supplied directly by Chevron for a contracted period of 20 years.

It's obviously not Chevron's usual business model. But these are unusual times. AI data center-driven demand for electricity is straining producers. So, operators are taking matters into their own hands, largely because they can. Reliable natural gas power turbines are now available at scale, and Chevron has the infrastructure in the region to make a direct natural gas supply feasible.

For now, the agreement looks more like a test than a new business venture, but that's apt to change eventually. As Chevron's president of new energies, Jeff Gustavson, commented in an interview following the announcement, "If we can get to a returns equation that works for our company and our shareholders, you can expect to hear more from us going forward." For clarity, Gustavson made a point of adding, "This does represent a platform for growth for us." High-opportunity areas include the Midwest, the Gulf Coast, the Rocky Mountains, and Utah -- all areas where the company's already got established infrastructure.

And it should pursue them. Although these so-called "behind-the-meter" natural gas-burning power plants aren't unheard of, they've also only scratched the surface of the underlying opportunity. For perspective on the sudden surge in demand, Bloomberg notes that roughly 100 gigawatts' worth of behind-the-meter gas power has been planned or permitted specifically for U.S. data centers, but only 2 GW is currently up and running. Separately but simultaneously, PwC believes AI-driven demand for natural gas could more than quintuple over the next 10 years, with much of it being directly burned by the end user rather than a utility company.

The more Chevron can steer this evolution, the better.

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Cool stories alone don't produce meaningful cash It's an exciting prospect to be sure, simply because the idea solves a very real problem that's only apt to grow before it starts to shrink. It's also just pretty cool to see companies collaborating creatively to come up with solutions that at one point would have been unthinkable. And, it's worth mentioning that Chevron is tinkering with man-made alternatives to natural gas, if and when that time comes.

Just don't let this be the chief reason you step into a stake. It will be years before this venture grows into something that could make a noticeable difference in Chevron's gas-and-oil-driven bottom line.

A classic supply-side problem currently entangles the global oil market. The protracted conflict in Eastern Europe and the volatile, seesawing geopolitical tensions in the Middle East have squeezed global crude oil supply. Crude oil prices have been at elevated levels since February, and experts conclude that this geopolitical premium isn’t just a headline driver anymore — it’s a fundamental regime shift.

However, savvy investors will position themselves to take advantage of the unfolding situation. One of the best ways to make money is to recognize that oil companies generate significant free cash flow. In fact, investing in some of the best-known dividend-paying names in the oil and gas industry is not only an inflation hedge but also a potential path to wealth-generating opportunities.

Image source: Getty Images.

Why quality matters more than oil pricesThe best players capable of navigating this environment are high-quality operators with diversified operations around the globe, with low breakeven costs, deep inventory reserves, and, most importantly, a proven commitment to return capital to shareholders. Investing in the stocks of such businesses means they are effective inflation and fuel price hedges, as they transform rising oil prices into capital appreciation and growing cash distributions.

If you are patient enough to hold on to your investment over the next few years when this new regime of elevated crude oil prices and rising inflation plays out, here are the two most attractive energy stocks to hold right now.

Compounding wealth through growing dividends and buybacksIn an uncertain geopolitical environment, ExxonMobil’s (XOM +0.97%) high-quality, cash-generative business offers both income generation and inflation protection. Essentially, the integrated oil company is an extremely disciplined allocator of capital, regardless of the projects it undertakes, meaning it has a deep inventory of structurally lower-cost, high-return projects.

Importantly, its shareholder-friendly policy means the company has increased dividends for 43 years, at an average annual rate of 5.8%. Additionally, the company is expected to complete $20 billion in share buybacks this year. Combined, shareholder distributions for 2026 at $37.2 billion are the second highest among S&P 500 companies. That alone is sufficient to hold this stock amid uncertainty.

Although historical performance is no guarantee of future outcomes, the stock has outperformed the S&P 500 and Nasdaq-100 over the past five years, both in absolute terms and after reinvesting dividends.

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Why ExxonMobil keeps winning across market cyclesIt's not surprising ExxonMobil is a compounding wealth machine, especially during periods of macroeconomic uncertainty.

One of ExxonMobil’s biggest advantages is the sheer diversity of its energy franchise. Often seen as a boring and outdated industry, the beauty of the integrated business model shines through in adverse macroeconomic conditions.

By holding both "upstream" and "downstream" energy operations under a single umbrella, ExxonMobil protects its balance sheet by ensuring that when one part of the value chain encounters difficulties, the other frequently captures significant profits.

The low-cost engine driving future growthDuring periods of high oil prices, Exxon's advantage in having among the industry's lowest breakeven costs becomes clear. Last year, management announced a goal to lower overall breakeven costs to $35 per barrel by 2027 and to $30 by 2030.

The company’s massive Yellowtail oilfield off the coast of Guyana has breakeven costs as low as $25 per barrel, which is far below the global average and roughly half the onshore breakeven costs of the average U.S. shale play.

Onshore, ExxonMobil’s $60 billion acquisition of Pioneer Resources in 2023 ensured the company doubled its footprint in the Permian Basin, which accounts for nearly 40% of U.S. shale oil production, thanks to its “stacked geology” formation where overlapping oil-rich layers stack up vertically for thousands of feet. The result is an inventory acreage with the lowest breakeven costs among shale plays.

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A high-yield dividend play for reliable passive wealth creationAnother integrated oil company, Chevron, (CVX +1.92%) too, built its reputation through its decades-long commitment to rewarding shareholders. The stock’s dividend yield of 3.75% is higher than ExxonMobil’s.

So if you’re looking to prioritize immediate dividend payments over longer-term capital appreciation, then Chevron’s dividend should appeal to you.

Like its larger counterpart, Chevron also focuses on low-cost projects around the world, and its pending acquisition of Hess underscores its focus on obtaining low-cost assets, notably the same ultra-low-cost Yellowtail offshore oilfield off Guyana.

With similar return profiles over the years, Chevron has a more aggressive dividend payout policy than ExxonMobil, resulting in lower free cash flow. Still, the company maintains a fortress balance sheet and has paid out dividends for 39 years. Over the last five years, the stock has outperformed the S&P 500 as the company moved away from pursuing multiple expensive projects simultaneously.

XOM Return on Capital Employed data by YCharts

For years, Chevron invested billions of dollars into the Tengiz expansion in Kazakhstan and deepwater projects in the Gulf of Mexico. Now it’s reaping the benefits. Like ExxonMobil, Chevron remains an excellent long-term pick and a hedge against rising crude oil prices.

If you are looking for a larger dividend check, Chevron is a good fit for you. If, however, you are not too bothered about receiving a higher dividend and instead look for capital appreciation over the longer term, then ExxonMobil fits the bill.

Key Takeaways Chevron's premium upstream assets and capital discipline support long-term cash flow growth.TTE offers lower valuation with diversified growth across LNG, renewables and global markets.CVX has shown more resilient earnings estimate revisions despite trading at a valuation premium. Chevron Corporation (CVX - Free Report) and TotalEnergies SE (TTE - Free Report) are among the world's largest integrated energy companies, but they offer investors different paths to long-term value creation. CVX has built its reputation on high-quality upstream assets, disciplined capital allocation and consistent shareholder returns. TotalEnergies, meanwhile, has transformed itself into a diversified energy company with one of the world's largest liquefied natural gas (“LNG”) businesses and a rapidly expanding renewable power portfolio.

With oil prices remaining volatile following the collapse of the U.S.-Iran ceasefire, LNG demand continuing to rise and the global energy transition reshaping the industry, investors are weighing which company offers the better investment opportunity. Both generate strong cash flows and return capital through attractive dividends and share repurchases, but their growth strategies, valuations and earnings outlooks differ.

CVX Relies on Premium Assets and Financial StrengthChevron's investment case is built around owning some of the industry's lowest-cost and longest-life assets. The company continues to expand production in the Permian Basin while benefiting from major projects such as the Tengiz expansion in Kazakhstan, supporting production growth and free cash flow generation for years.

Chevron's integrated portfolio also includes refining, chemicals and marketing businesses, providing a hedge during weaker oil-price environments and supporting resilient earnings across commodity cycles.

The company maintains one of the strongest balance sheets among global oil majors. Its financial flexibility enables management to invest in growth while consistently returning excess cash through dividends and share repurchases. Chevron has increased dividend for decades, reinforcing its reputation as one of the energy sector's premier income stocks.

These strengths have supported a valuation premium. CVX currently trades at roughly 12.65X forward price-to-earnings (P/E), compared with TTE's 8.01X forward P/E, reflecting investor confidence in its asset quality and disciplined execution.

Image Source: Zacks Investment Research

TotalEnergies Offers a More Diversified Growth StoryCompared with Chevron, TotalEnergies has placed greater strategic emphasis on LNG and renewable power alongside its traditional oil and gas operations. The company has become one of the world's leading LNG suppliers, with operations spanning production, liquefaction, shipping and global marketing. Rising LNG demand, particularly in Europe and Asia, remains a compelling long-term growth driver.

Geographic diversification is another advantage. TTE operates across Europe, Africa, the Middle East, North America and Asia-Pacific, reducing dependence on any single producing region.

The company has expanded its solar, wind, battery storage and integrated power portfolio while continuing to grow the conventional oil and gas business, creating a balanced energy portfolio positioned for both current demand and the long-term transition toward cleaner fuels.

This strategy has translated into stronger recent stock performance. Over the past 12 months, TTE’s shares have gained approximately 27.5%, compared with CVX's 22.6% return.

Image Source: Zacks Investment Research

Different Growth Drivers Set the Companies ApartAlthough both companies should benefit from resilient global energy demand, their primary growth drivers differ.

Chevron's growth is driven by its low-cost upstream assets, operational efficiency and disciplined capital allocation. If oil prices remain supportive, these strengths should continue driving free cash flow while supporting dividend growth and ongoing share repurchases.

TTE offers broader growth opportunities through its conventional oil business, expanding LNG operations and renewable power investments. This diversified model reduces dependence on crude oil prices and provides multiple long-term growth avenues. Investors seeking greater leverage to higher oil prices may prefer CVX, while those looking for broader exposure across multiple energy markets may find TTE more appealing.

Valuation and Analyst SentimentFrom a valuation standpoint, TTE appears considerably cheaper. The company trades at roughly 6.18X forward price-to-cash flow, compared with 11.54X for CVX. Combined with its lower forward earnings multiple, TTE offers investors exposure to a diversified global energy business at a noticeable discount.

Image Source: Zacks Investment Research

However, analyst sentiment has recently been relatively more favorable toward CVX despite its higher valuation. Over the past 60 days, the Zacks Consensus Estimate for CVX's fiscal 2026 earnings has declined 4.41%, while the fiscal 2027 estimate has increased 1.45%. In contrast, the consensus estimates for TTE have declined 4.6% for fiscal 2026 and 2.45% for fiscal 2027.

Image Source: Zacks Investment Research

Which Stock Is the Better Buy?TotalEnergies stands out for its lower valuation, stronger recent share price performance and diversified exposure to LNG, renewable power and international markets. Investors seeking a value-oriented energy stock with multiple long-term growth drivers may find its investment story compelling.

CVX, however, combines high-quality upstream assets, one of the industry's strongest balance sheets and disciplined capital allocation. Its integrated business generates resilient cash flows across commodity cycles, while the long history of dividend growth continues to appeal to income-focused investors. While earnings expectations have softened for both companies, Chevron's earnings estimate revisions have been more resilient, particularly with improving expectations for fiscal 2027. Both companies currently carry a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.

Chevron's relatively better earnings estimate outlook, superior asset quality and proven capital discipline make it a more attractive investment for long-term investors willing to pay a modest valuation premium. While TotalEnergies remains an excellent choice for investors prioritizing value and diversification, Chevron's combination of financial strength, comparatively better earnings outlook and high-quality assets gives it a slight edge for long-term investors.

In the latest trading session, Chevron (CVX - Free Report) closed at $183.86, marking a +1.24% move from the previous day. This change outpaced the S&P 500's 0.51% loss on the day. At the same time, the Dow lost 0.2%, and the tech-heavy Nasdaq lost 1.47%.

Shares of the oil company have appreciated by 2.26% over the course of the past month, outperforming the Oils-Energy sector's gain of 0.92%, and the S&P 500's gain of 0.53%.

The investment community will be closely monitoring the performance of Chevron in its forthcoming earnings report. The company is scheduled to release its earnings on July 31, 2026. It is anticipated that the company will report an EPS of $5.6, marking a 216.38% rise compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $56.17 billion, up 25.31% from the prior-year quarter.

For the full year, the Zacks Consensus Estimates project earnings of $14.75 per share and a revenue of $216.65 billion, demonstrating changes of +102.33% and +14.61%, respectively, from the preceding year.

Investors should also pay attention to any latest changes in analyst estimates for Chevron. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 7.11% downward. Right now, Chevron possesses a Zacks Rank of #3 (Hold).

Investors should also note Chevron's current valuation metrics, including its Forward P/E ratio of 12.31. This represents a premium compared to its industry average Forward P/E of 8.01.

It's also important to note that CVX currently trades at a PEG ratio of 0.64. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. Oil and Gas - Integrated - International stocks are, on average, holding a PEG ratio of 0.62 based on yesterday's closing prices.

The Oil and Gas - Integrated - International industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 234, placing it within the bottom 5% of over 250 industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.

A Chevron logo at the Chevron building in Houston, Texas, U.S. August 19, 2025. REUTERS/Kaylee Greenlee Purchase Licensing Rights, opens new tab

SummaryCompaniesWest Qurna 2 currently produces about 460,000 barrels per dayFriday's preliminary agreement would progress commercial terms toward a final West ​Qurna 2 takeover deal, the executive saidChevron is also discussing ‌pipeline routes to bypass the Strait of Hormuz, the executive saidHOUSTON, July 16 (Reuters) - Chevron will sign memorandums of understanding on Friday with the ​Iraqi government to advance the U.S. oil major's interests ​in the West Qurna 2 and Nassiriya oilfields, according ⁠to a senior Chevron executive.

The company is also continuing talks ​with Iraq to produce technical studies and evaluate potential pipeline routes ​to transport crude out of the country and bypass the Strait of Hormuz, the executive said.

The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.

Iraqi Prime Minister Ali al-Zaidi, who took office in May, ​visited Chevron's Houston headquarters on Thursday as part of a ​five-day trip to the U.S., which included a meeting with President Donald Trump ‌on ⁠Tuesday.

Iraq's government is seeking to secure U.S. partnerships during this week's visit to the U.S. to help boost its oil output. In February, Chevron moved into exclusive talks with Iraq for ​West Qurna 2, ​one of the ⁠world's largest oilfields that currently produces about 460,000 barrels per day.

The preliminary agreement on Friday will ​progress commercial terms and help lead to a ​final agreement ⁠for Chevron to take over the oilfield, the senior executive said.

Chevron and Iraq signed an agreement in principle last August to develop ⁠the ​Nassiriya oilfield project that consists of ​four exploration blocks in addition to the development of other producing oil fields.

Reporting by ​Sheila Dang in Houston; Editing by Nathan Crooks and Chizu Nomiyama

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Chevron (CVX - Free Report) , which belongs to the Zacks Oil and Gas - Integrated - International industry, could be a great candidate to consider.

This oil company has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 29.41%.

For the last reported quarter, Chevron came out with earnings of $1.41 per share versus the Zacks Consensus Estimate of $0.92 per share, representing a surprise of 53.26%. For the previous quarter, the company was expected to post earnings of $1.44 per share and it actually produced earnings of $1.52 per share, delivering a surprise of 5.56%.

Price and EPS Surprise

Thanks in part to this history, there has been a favorable change in earnings estimates for Chevron lately. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the stock is positive, which is a great indicator of an earnings beat, particularly when combined with its solid Zacks Rank.

Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Chevron currently has an Earnings ESP of +0.86%, which suggests that analysts have recently become bullish on the company's earnings prospects. This positive Earnings ESP when combined with the stock's Zacks Rank #3 (Hold) indicates that another beat is possibly around the corner. We expect the company's next earnings report to be released on July 31, 2026.

Investors should note, however, that a negative Earnings ESP reading is not indicative of an earnings miss, but a negative value does reduce the predictive power of this metric.

Many companies end up beating the consensus EPS estimate, but that may not be the sole basis for their stocks moving higher. On the other hand, some stocks may hold their ground even if they end up missing the consensus estimate.

Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

HOUSTON--(BUSINESS WIRE)--Ranger Energy Services, Inc. (NYSE: RNGR) (“Ranger” or the “Company”) today announced that it has entered into a contract with Hess Corporation, a wholly owned subsidiary of Chevron Corporation (NYSE: CVX) to deploy three additional ECHO hybrid workover rigs in the Lower 48 United States. Introduced in 2025, Ranger's ECHO workover rig is the industry's first Hybrid Double Electric Workover Rig and reflects the Company's ongoing conversion and electrification of its con.

Oil and natural gas are vital to the world's normal functioning. The geopolitical conflict in the Middle East has disrupted supply, but it is also affecting demand. The end result is OPEC again cutting its demand growth outlook for 2026 in July, trimming it by roughly 200,000 bpd from June to roughly 800,000 bpd. This isn't as bad as it looks for oil companies, but it does address the reality of the current market environment.

What's going on with oil supply and demand?The energy sector works on supply and demand. When supply is disrupted, and demand remains relatively strong, the prices of oil and natural gas rise. That is good news for energy companies like ExxonMobil (XOM +3.95%), which sell oil and natural gas. In fact, the company recently provided an update on its business to help investors better prepare for its second-quarter earnings release. By some estimates, higher oil prices in the second quarter could boost the company's bottom line by as much as $5 billion.

Image source: Getty Images.

That's good news for Exxon, but there's another issue to consider. When prices go up, buyers tend to look for ways to offset the hit. That means finding alternatives or simply making do with less. That's likely what's driving the reductions in OPEC's demand projection. This isn't the first reduction it has made following the start of the conflict.

But OPEC also increased its demand forecast for 2027. That would seem an odd juxtaposition, since it would mean a reversal of the current conservation mentality. That makes complete sense. Assuming an end to the conflict, OPEC believes that demand will pick up again. Given the industry's importance to the global economy and its history, that seems reasonable. It also tracks with human nature.

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Oil stocks may not benefit as much as you'd thinkExxon and Chevron (CVX +3.23%), two of the world's largest energy companies, have been very clear that they do not believe oil prices reflect the on-the-ground fundamentals of the industry. In the short term, both believe that low inventories will lead to higher oil and natural gas prices. But when oil starts to flow freely again, inventories will eventually be replenished, and oil prices will fall.

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So demand rising in 2027, if it comes with lower oil prices, won't necessarily be a boon to energy company earnings. That's not to suggest that investors should avoid energy stocks. These companies provide a vital resource to the world and have a place in every investor's portfolio. However, focusing on financially strong and diversified industry giants like Exxon and Chevron is probably the best way for most investors to fill the energy bucket.

Chevron has the more attractive yield todayBoth Exxon and Chevron have proven over time that they can survive the industry's entire cycle, including the often dramatic commodity price swings. The proof of that comes in the decades of annual dividend increases each company has rewarded investors with. That simply wouldn't be possible if Exxon and Chevron weren't prepared to muddle through periods of low oil prices. While both are well run, Chevron's 4% yield gives it an edge over Exxon's roughly 3% yield. Either way, you can focus on the dividend checks you are collecting instead of oil when energy prices inevitably become volatile again.

Carley Garner and Melissa Armo discuss why oil prices have remained relatively restrained despite rising geopolitical tensions and what that could mean for investors. They highlight Chevron (CVX) as a potential beneficiary of higher crude prices while exploring how sustained energy costs, interest rates, and earnings pressures could increase the risk of a broader market correction and economic slowdown.

Data centers are driving energy demand like never before. However, there is a collective effort to ensure that energy remains affordable for residential customers. Not only that, but long interconnection times to the power grid mean that hyperscalers are scrambling for power solutions outside traditional utilities. This surge has driven strong demand for GE Vernova's (GEV +1.52%) gas turbines and the natural gas they consume.

Amid this growing demand, GE Vernova has partnered with Chevron (CVX +1.35%) on natural gas production and logistics, and the companies aim to deliver behind-the-meter power solutions to meet the massive power demands of AI data centers.

With facilities set to come online in 2027, does that make Chevron stock a buy?

Image source: Getty Images.

Chevron will leverage its natural gas platform to power new data centers Data centers require continuous baseload power, and many facilities are turning to on-site power generation or "behind-the-meter" deals to power themselves without connecting to the power grid. This has driven incredibly strong demand for GE Vernova's gas turbines, with a backlog that stretches years into the future.

Chevron and GE Vernova announced their partnership in January 2025, bringing together Chevron's expertise in natural gas production and logistics with GE Vernova's gas turbine technology. Along with investment firm Engine No. 1, the companies will develop 4 gigawatt-hours (GW) of behind-the-meter natural gas power through "power foundries" that support data centers. These foundries will use seven GE Vernova 7HA natural gas turbines and serve co-located data centers across the U.S. in the Southeastern, Midwestern, and Western regions.

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For Chevron, the partnership leverages its domestic natural gas platform to fuel these massive gas turbines. Because the Permian Basin produces so much "associated gas," which is natural gas produced as a by-product of oil extraction, local gas prices in West Texas are ultra-low (and sometimes negative), and Chevron can use this oversupplied gas to directly power GE Vernova's gas turbines.

The agreement helps power AI data centers with reliable baseload energy but also raises concerns about its environmental impact. Burning natural gas still releases millions of tons of CO2 annually and clashes with technology companies' long-term net-zero-emission goals. To mitigate this, Chevron and GE Vernova will integrate Carbon Capture and Storage (CCS) technology, which could potentially capture up to 90% of emissions.

The partnership builds on Chevron's strong position in the industry Chevron is scheduled to begin delivering natural gas to these power plants in late 2027 or early 2028. This is primarily due to equipment delays, as GE Vernova's gas turbines are unlikely to be delivered by then.

While this arrangement with GE Vernova alone doesn't make Chevron a buy, when you combine it with the company's wide-ranging, integrated oil and gas business model and disciplined approach to capital expenditures, Chevron is a top energy stock to consider buying today.

On July 10, 2026, Chevron Corp (CVX) shares rose 1.4% today, bringing the current price to $176.40. The stock has experienced a 52-week range between $146.49 an

Key Takeaways Chevron signed a 20-year deal to power a Microsoft West Texas data center with a gas-fired facility.Chevron expects Project Kilby to deliver 2.67 GW in phases from 2028 with mid-teen return targets.Chevron posted higher Q1 2026 production and returned $6B via dividends and buybacks during the quarter. Chevron Corporation (CVX - Free Report) is expanding beyond its traditional oil and gas business by entering one of the fastest-growing markets in the global economy — artificial intelligence (“AI”) infrastructure. The company recently signed a 20-year power purchase agreement with Microsoft Corporation (MSFT - Free Report) to develop a dedicated natural gas-fired power facility for a West Texas data center. The deal highlights CVX's strategy to capitalize on rising electricity demand from AI data centers while creating a new source of long-term cash flows.

The announcement follows Chevron's solid first-quarter 2026 operating performance, supported by higher production from legacy Hess assets, the Permian Basin and the Gulf of America. While the Microsoft partnership opens an entirely new growth avenue, investors must assess whether this opportunity is significant enough to justify buying the stock today.

Chevron's Microsoft Deal Creates a New Growth PlatformUnder the agreement, CVX's subsidiary, Energy Forge One, will develop Project Kilby, a co-located natural gas-fired power facility dedicated to supplying electricity to a Microsoft-operated data center in West Texas under a 20-year power purchase agreement.

Project Kilby is expected to provide approximately 2.67 gigawatts of generating capacity through a phased buildout, with first power targeted for 2028. Management expects the project to generate diversified cash flows that are largely independent of oil and natural gas price cycles while targeting mid-teen investment returns. By supplying electricity directly to the MSFT-operated data center rather than the regional grid, CVX also expects greater reliability for AI workloads.

For CVX, the agreement represents more than a single infrastructure project. It reveals how the company can leverage its Permian natural gas resources, engineering expertise and project execution capabilities to participate in the long-term growth of AI infrastructure. If CVX secures similar agreements with additional hyperscale customers, this business could become a meaningful complement to its traditional upstream operations.

Chevron's Core Business Remains StrongBeyond the Microsoft agreement, Chevron continues to deliver solid operational results. During the first quarter of 2026, worldwide production increased 15% year over year to 3.86 million barrels of oil equivalent per day, while U.S. production climbed 24%, driven by the Hess acquisition and continued growth in the Permian Basin and the Gulf of America.

The company also maintained one of the industry's strongest shareholder-return programs, distributing $6 billion through dividends and share repurchases during the quarter. This marked CVX's 16th consecutive quarter of returning more than $5 billion to its shareholders. Management also reaffirmed its capital spending guidance and structural cost-reduction target of $3-$4 billion by the end of 2026.

These strengths give CVX the financial flexibility to invest in long-duration infrastructure projects without compromising shareholder returns.

ExxonMobil and Shell Could Also Benefit From AI DemandCVX is not the only integrated energy company seeking to benefit from AI-driven electricity demand.

ExxonMobil (XOM - Free Report) is leveraging its extensive natural gas resources while evaluating opportunities to provide lower-carbon electricity solutions for hyperscale data centers. Like CVX, ExxonMobil believes AI-driven power demand could become an important source of long-term natural gas consumption.

Meanwhile, Shell plc (SHEL - Free Report) is approaching the opportunity through its integrated gas and LNG business. As one of the world's largest LNG suppliers, Shell is well positioned to benefit from rising natural gas demand as AI data centers require reliable, around-the-clock electricity. Shell's global LNG portfolio provides additional flexibility to serve markets experiencing rapid AI infrastructure expansion.

We believe Chevron is among the first integrated energy companies to secure a long-term commercial agreement to supply dedicated power for a hyperscale AI data center.

Risks Should Not Be IgnoredAlthough Project Kilby strengthens Chevron's long-term growth outlook, the project remains in its early stages. Final investment approval is expected later this year, while commercial operations are targeted for 2028. Key uncertainties continue to include construction costs, execution risks, regulatory approvals, customer expansion and potential risks associated with an AI bubble.

In addition, the project's financial contribution is likely to remain modest relative to CVX's overall earnings during the initial years. The company's near-term results will continue to depend primarily on crude oil prices, refining margins and upstream production growth.

Valuation Remains Reasonable Despite AI Growth PotentialFrom a valuation perspective, CVX trades at a forward P/E ratio of about 12.22, compared with ExxonMobil at 12.31 and Shell at 8.52. This makes Shell the least expensive among the three on an earnings basis.

Image Source: Zacks Investment Research

Analysts Expect Steady Earnings GrowthOver the past 60 days, the Zacks Consensus Estimate for CVX's earnings per share has increased 1.73% for 2026 and 4.95% for 2027.

Image Source: Zacks Investment Research

Over the past year, CVX’s shares have gained roughly 13.8%, while ExxonMobil has advanced about 20.7% and Shell has risen approximately 13.5%.

Share Price Performance Comparison
Image Source: Zacks Investment Research

Is CVX Stock a Buy?The partnership with Microsoft gives Chevron an attractive long-term growth narrative by connecting one of the world's largest energy companies with one of the fastest-growing sources of electricity demand. Combined with strong production growth, disciplined capital allocation and consistent shareholder returns, Chevron is building an additional avenue for growth beyond its traditional energy business.

However, the financial impact of Project Kilby remains several years away and CVX continues to face the commodity-price volatility that affects the broader energy sector. With a Zacks Rank #3 (Hold), CVX appears suitable for long-term investors seeking exposure to a financially strong integrated energy company that is gradually expanding into AI infrastructure. Investors may prefer to wait for additional execution milestones before becoming more aggressive on the stock.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. 

A Chevron logo at the Chevron building in Houston, Texas, U.S. August 19, 2025. REUTERS/Kaylee Greenlee Purchase Licensing Rights, opens new tab

CompaniesJuly 10 (Reuters) - Chevron Australia (CVX.N), opens new tab said on Friday it has signed a ​long-term agreement with energy retailer ‌Alinta Energy to supply natural gas from its Western Australian portfolio.

Chevron said ​starting July 2027 it ​will supply 46 petajoules of gas ⁠to its long-standing partner ​Alinta Energy over a five- year ​period from across its equity interests in the Chevron-operated Gorgon and Wheatstone facilities, ​and the North West ​Shelf Project.

The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.

"Following almost a decade in operation, ‌Gorgon ⁠and Wheatstone have become pillars of energy security for the state and together provide approximately 40 ​percent of ​WA’s ⁠domestic gas supply," Chevron Australia President Balaji Krishnamurthy ​said in a press ​release.

Singapore's ⁠Sembcorp Industries (SCIL.SI), opens new tab acquired Australian gas and electricity provider Alinta Energy for an ⁠enterprise ​value of A$6.5 ​billion ($4.32 billion) last year.

Reporting by Swati Verma ​in Bengaluru; Editing by Kim Coghill

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Key Takeaways Chevron licensed its Vantis surfactant technology to ZL Chemicals for industry commercialization.CVX says the technology raised new well output by up to 20% and cut existing well declines by 5%-8%.Chevron will keep developing next-generation surfactants while ZL Chemicals markets Vantis services. Chevron Corporation (CVX - Free Report) is taking a strategic step to unlock greater value from existing oil fields by licensing one of its proprietary enhanced oil recovery technologies to ZL Chemicals. The agreement enables ZL Chemicals to commercialize Chevron's advanced chemical surfactant technology under the ‘Vantis’ brand, making it available to oil and gas operators across the industry.

The move reflects Chevron's strategy of leveraging its technological expertise beyond its own operations while helping producers improve production from shale and tight reservoirs. As energy demand remains strong and high-quality drilling locations become increasingly limited, technologies that improve recovery rates are becoming more valuable than ever.

What the Chevron-ZL Chemicals Agreement IncludesUnder the licensing agreement, ZL Chemicals will market and deploy Chevron's surfactant technology through a complete suite of products and field services under the Vantis brand.

The solution is designed for various applications like enhanced oil recovery from existing shale wells, optimization of production from newly drilled wells and improved reservoir management in tight formations.

While ZL Chemicals will handle commercialization, Chevron will continue developing next-generation surfactant technologies for its own operations, creating a partnership that combines innovation with commercial scalability.

How the Technology Improves Oil ProductionChemical surfactants play an important role in unconventional oil production. During hydraulic fracturing, rock formations can become clogged with fine particles that restrict oil flow.

Chevron's surfactant technology helps address this challenge by cleaning particles from fractures inside shale formations, reducing formation damage after fracturing, improving the separation of oil from underground rock and allowing hydrocarbons to flow more efficiently to the surface. This leads to better production efficiency and longer-lasting well performance.

Strong Early Results Demonstrate the Technology's PotentialChevron highlighted encouraging field performance from the technology. According to the company, the surfactants have increased production from newly drilled wells by as much as 20% during the first year and reduced production declines in existing wells by 5% to 8%.

These improvements can significantly enhance project economics, particularly for operators seeking to maximize returns from existing assets instead of relying solely on new drilling activity.

Why Enhanced Oil Recovery Matters TodayThe importance of enhanced oil recovery continues to grow as the shale industry matures. Industry experts estimate that conventional shale production recovers only about 10% of the oil originally present in reservoirs, leaving the vast majority underground because current technology cannot economically extract it.

At the same time, many of the industry's most productive drilling locations have already been heavily developed. Improving recovery from existing wells has therefore become a more attractive strategy than continually expanding drilling activity.

Chevron's technology directly addresses this challenge by helping operators extract additional oil from reservoirs that would otherwise remain underproduced.

Benefits Extend Beyond Chevron's Own OperationsThe licensing agreement also creates indirect benefits for Chevron. In addition to operating its own wells, the company holds royalty interests in numerous Permian Basin assets operated by other companies. If those operators adopt the licensed technology and improve production, Chevron could benefit through increased royalty income without making additional operating investments.

For ZL Chemicals, the agreement expands its enhanced oil recovery portfolio with a proven technology backed by Chevron's research and engineering expertise, strengthening its position in the growing enhanced oil recovery services market.

Strategic Implications for ChevronChevron's licensing agreement with ZL Chemicals represents a strategic way to monetize proprietary technology while supporting broader improvements in shale oil recovery. By enabling production gains of up to 20% in new wells and slowing declines in existing assets, the technology addresses one of the industry's biggest challenges — extracting more oil from mature reservoirs. Although the agreement is unlikely to materially impact Chevron's financial performance in the near term, it strengthens the company's innovation credentials and could generate long-term value through licensing opportunities, stronger industry relationships and increased royalty production.

CVX’s Zacks Rank & Key PicksChevron is one of the largest publicly traded oil and gas companies in the world, with operations that span almost every corner of the globe. Currently, CVX carries a Zacks Rank #3 (Hold).

Investors interested in the energy sector may consider some top-ranked stocks like Cenovus Energy Inc. (CVE - Free Report) , ARKO Petroleum Corp. (APC - Free Report) and Imperial Oil Limited (IMO - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Calgary, Canada-based Cenovus Energy is an integrated energy company that produces crude oil, natural gas and natural gas liquids, and markets its production across North America and international markets. The Zacks Consensus Estimate for CVE’s 2026 earnings indicates 96.1% year-over-year growth.

ARKO Petroleum is a fuel distributor in North America that operates through segments like Wholesale and Fleet Fueling. The Zacks Consensus Estimate for APC’s 2026 revenues indicates 41.5% year-over-year growth.

Calgary-based Imperial Oil is one of the largest integrated oil companies of Canada, mainly engaged in oil and gas production, petroleum products refining and marketing and chemical business. The Zacks Consensus Estimate for IMO’s 2026 earnings indicates 69.2% year-over-year growth.

Chevron (CVX - Free Report) ended the recent trading session at $175.92, demonstrating a +1.1% change from the preceding day's closing price. The stock outperformed the S&P 500, which registered a daily loss of 0.28%. Meanwhile, the Dow lost 1.09%, and the Nasdaq, a tech-heavy index, added 0.2%.

The oil company's stock has dropped by 6.83% in the past month, falling short of the Oils-Energy sector's loss of 4.3% and the S&P 500's gain of 1.64%.

Investors will be eagerly watching for the performance of Chevron in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on July 31, 2026. The company's earnings per share (EPS) are projected to be $5.9, reflecting a 233.33% increase from the same quarter last year. Simultaneously, our latest consensus estimate expects the revenue to be $57.72 billion, showing a 28.78% escalation compared to the year-ago quarter.

For the full year, the Zacks Consensus Estimates are projecting earnings of $15.28 per share and revenue of $220.32 billion, which would represent changes of +109.6% and +16.55%, respectively, from the prior year.

Investors might also notice recent changes to analyst estimates for Chevron. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 3.79% downward. Chevron is holding a Zacks Rank of #3 (Hold) right now.

Looking at valuation, Chevron is presently trading at a Forward P/E ratio of 11.39. This valuation marks a premium compared to its industry average Forward P/E of 7.43.

We can also see that CVX currently has a PEG ratio of 0.59. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. Oil and Gas - Integrated - International stocks are, on average, holding a PEG ratio of 0.6 based on yesterday's closing prices.

The Oil and Gas - Integrated - International industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 191, positioning it in the bottom 23% of all 250+ industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.

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Shares of Occidental Petroleum (NYSE:OXY | OXY Price Prediction) are up 4% at midday Wednesday, trading at $53.90. The move puts Occidental well ahead of integrated peers ExxonMobil (NYSE:XOM) and Chevron (NYSE:CVX).

ExxonMobil stock is off 1% at $140.51, essentially flat. Meanwhile, Chevron shares are higher by 1% to $176.07, a modest gain that trails Occidental by a wide margin on the session.

The gap reflects a company-specific catalyst layered on top of a broad energy tailwind. Occidental has both today, while the oil majors ExxonMobil and Chevron have only one catalyst.

Evercore Upgrade and Crude Spike Drive OXY Evercore ISI upgraded Occidental stock to Outperform from In-Line, with analyst Stephen Richardson lifting his OXY price target to $65 from $58. The firm’s thesis leans on deleveraging and capital efficiency rather than production growth.

Evercore projects that Occidental’s free cash flow per share to grow 8% annually through 2030 at a flat $75 WTI crude oil, with a potential resumption of share buybacks in the second half of 2028. That framing lands well against Occidental’s Q1 2026 earnings report, which delivered an 80% adjusted EPS beat and $7.10 billion in principal debt repaid.

The second factor is the crude oil price. WTI crude oil is up 6% over the past 24 hours to $74.58 per barrel, driven by renewed threats of U.S. military strikes tied to Iran and Strait of Hormuz disruption. Occidental Petroleum carries the highest oil-price beta among U.S. majors, which amplifies the move.

Peers Get the Oil Lift, Not the Upgrade ExxonMobil and Chevron shares are participating in the crude rally, just without a company-specific driver to match Evercore’s Occidental call. The Energy Select Sector SPDR Fund (NYSEARCA:XLE), a broad energy ETF that holds all three names, is up 1%. ExxonMobil and Chevron together account for a heavy 41% of the ETF, so the fund’s muted move mirrors the majors.

Chevron stock did get a bullish note earlier this week: Wolfe Research upgraded Chevron stock to Outperform with a $210 target, citing Guyana growth and sustainable cash generation. Yet, the enthusiasm was partially offset by Mizuho’s price target cut on ConocoPhillips (NYSE:COP) on capex concerns that spilled across the group.

ExxonMobil’s recent re-domiciliation to Texas was largely viewed as administrative, offering little to no sentiment lift. Other oil-levered names are also participating in today’s sector bid, but they don’t share Occidental Petroleum’s specific catalyst today.

Bull and Bear Views on OXY Stock The bull case leans on the deleveraging story and Berkshire Hathaway’s ownership footprint. Berkshire Hathaway (NYSE:BRK-B) remains a major Occidental backer, and Evercore’s $65 target is roughly in line with the $65.30 average analyst target.

The bear case matters too. Evercore itself flagged that Occidental’s free cash flow growth trails Diamondback Energy (NASDAQ:FANG), ConocoPhillips, and Chevron. The analyst rating mix still skews to Hold (14 Holds versus 8 Buys), and Occidental stock was still down 9% over the past month heading into today. Investors may want to keep their position sizes measured given crude’s volatility.

What to Watch The $65 target sits below Occidental stock’s 2026 high of $67 from late March, so the remaining upside after today’s gain is narrower. Traders can watch for whether OXY holds above $53 into the close and how crude oil settles as Strait of Hormuz headlines evolve. The next scheduled event is Occidental’s Q2 2026 earnings on August 5.

Positioning matters here. Today’s move rewards investors who were already long the most oil-levered major heading into the crude spike, but chasing after a 4% single-session gain carries obvious risk if Middle East tensions cool or if the Evercore thesis gets faded by other desks.

For investors weighing the oil majors, the setup remains a choice between Occidental’s upside torque to crude and the steadier, dividend-anchored profiles of ExxonMobil and Chevron. Today’s tape favors the former, but a single session doesn’t settle that debate.

Contact [email protected] for any questions or corrections.