Chevron (CVX) Highlighted in Mizuho's 2026 Energy Outlook

Chevron Corporation (NYSE:CVX) is included among the 12 Best Dogs of the Dow to Invest in.

On December 12, Mizuho boosted its price target on Chevron Corporation (NYSE:CVX) up to $206 from $204 and kept an Outperform rating. The update came as part of the firm’s broader 2026 outlook for the exploration and production space. While sentiment around U.S. oil and gas stocks remains weak, driven by worries over oil oversupply and elevated gas storage levels, Mizuho sees “underappreciated value” across the group.

The analyst pointed to longer-term fundamentals in E&P that could start to show through in 2026. As a result, the firm is encouraging a shift in risk toward oil-focused E&Ps, with a selective approach to gas names, while taking a more neutral stance on refining.

Chevron Corporation (NYSE:CVX) also made headlines this week for its activity in Venezuela. According to Bloomberg, the company lowered prices on Venezuelan crude sold to US refiners after a tanker was seized by American forces in the Caribbean and as global oil prices continued to soften.

People familiar with the matter said Chevron sold a batch of Venezuelan crude on December 11, just one day after US forces seized a vessel off the country’s coast. That oil was priced below a batch offered earlier in December, reflecting the changing backdrop.

In a statement, Chevron Corporation (NYSE:CVX) said its operations in Venezuela remain fully compliant with all applicable laws and regulations, as well as US government sanctions frameworks.

Despite the heightened tensions, the company appears to be pressing ahead. Chevron sold roughly 10 cargoes of Venezuelan oil, spanning different grades, for loading next month. The sales were split across two tenders, though specific pricing details were not disclosed.

Chevron Corporation (NYSE:CVX) is a major integrated energy company with operations that span the full value chain, from finding and producing oil and natural gas to transporting and selling them. The company also refines fuels and lubricants, manufactures petrochemicals, and invests in lower-carbon energy solutions.

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