Bernstein Raises Chevron (CVX) Target as Oil Outlook Balances Volatility and Strength

Chevron Corporation (NYSE:CVX) is included among the 12 Best DOW Stocks to Buy in 2026.

On January 5, Bernstein raised its price target on Chevron Corporation (NYSE:CVX) to $172 from $170 and kept a Market Perform rating. The firm said it is heading into 2026 with a balanced outlook for oil. Bernstein expects near-term volatility, while still seeing strength over the longer run.

A January 6 report from Reuters said Caracas and Washington reached an agreement that would allow up to $2 billion of Venezuelan crude to be exported to the US. President Donald Trump described the deal as a key negotiation that would redirect supply away from China and help Venezuela avoid deeper production cuts.

Chevron stands out in this situation. It is the only US oil major operating in Venezuela under a US license that exempts it from sanctions aimed at restricting revenue tied to President Maduro’s government. On January 6, vessels chartered by Chevron were the only ships loading crude for export at Venezuela’s Jose and Bajo Grande ports, according to ship-tracking data. Chevron had resumed exports of Venezuelan oil to the U.S. on January 5 after a four-day pause. The company also called overseas workers back to its Venezuelan offices as flights into the country restarted. In recent weeks, Chevron has effectively become the only firm consistently exporting Venezuelan crude.

Chevron Corporation (NYSE:CVX) is an integrated energy company involved in oil and gas production, fuel and chemical manufacturing, and the development of technologies that support its operations and the broader energy industry.

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