Chevron (NYSE:CVX) on Monday disclosed that it is expanding its exploration portfolio in the Mediterranean region.
In particular, the company inked lease agreements with the Hellenic Republic for four offshore blocks in Greece, enhancing its exploration efforts in the region.
Details
The awarded consortium, in which Chevron holds a 70% operating interest and HELLENiQ ENERGY holds the rest, will conduct seismic exploration work to assess the hydrocarbon potential of these areas.
The blocks are located south of Crete and within the Peloponnese, with the agreements subject to ratification by the Greek Parliament.
As per the lease terms, the consortium will carry out 2D and 3D seismic surveys during the first phase to evaluate the areas’ hydrocarbon potential.
The company’s recent lease agreements in Greece are significant as they align with its strategy to strengthen its position in the Mediterranean, an area where it already has established operations. This expansion could enhance Chevron’s portfolio and contribute to its long-term growth.
Kevin McLachlan, Vice President of Exploration at Chevron, said, “This is another important milestone for Chevron as we continue building momentum in the Mediterranean region, an area where we already have a significant position and are actively pursuing exploration opportunities to further strengthen and expand our portfolio.”
This move follows Chevron’s recent successes in the Mediterranean, including winning bids for exploration blocks in Libya and signing memoranda of understanding with Turkey and Syria.
This month, Chevron’s subsidiary, Chevron Business Development EMEA Ltd., has been designated as a winning bidder in Libya’s 2025 Bid Round for Contract Area 106, located in the Sirte Basin.
Technical Analysis
The broader market experienced slight declines, with the Energy sector showing mixed performance. While Chevron’s stock gained, the overall sector faced pressures, suggesting that company-specific developments may be driving its performance.
The stock is currently trading 1.5% below its 20-day simple moving average (SMA) and 3.2% above its 100-day SMA, indicating some short-term weakness but longer-term strength. Shares have increased 17.66% over the past 12 months and are currently positioned closer to their 52-week highs than lows.
The RSI is at 50, which is considered neutral territory, while the MACD is below its signal line, indicating bearish pressure on the stock. The combination of neutral RSI and bearish MACD suggests mixed momentum.
- Key Resistance: $186.50
- Key Support: $180.00
Earnings & Analyst Outlook
Chevron Corporation is slated to provide its next financial update on May 1, 2026.
- EPS Estimate: $1.51 (Down from $2.18)
- Revenue Estimate: $46.76 Billion (Down from $47.61 Billion)
- Valuation: P/E of 27.7x (Indicates premium valuation)
Analyst Consensus & Recent Actions: The stock carries a Buy Rating with an average price target of $173.71. Recent analyst moves include:
- Wells Fargo: Overweight (Raises Target to $204.00) (Feb. 2)
- Morgan Stanley: Overweight (Lowers Target to $174.00) (Jan. 23)
- Barclays: Equal-Weight (Raises Target to $166.00) (Jan. 21)
Benzinga Edge Rankings
Below is the Benzinga Edge scorecard for Chevron, highlighting its strengths and weaknesses compared to the broader market:
- Value: 76.75 — Trading at a reasonable valuation relative to peers.
- Momentum: 70.6 — Stock is outperforming the broader market.
The Verdict: Chevron’s Benzinga Edge signal reveals a strong momentum score, indicating that the stock is performing well relative to the market. However, the value score suggests it is trading at a premium, which may warrant caution for potential investors.
Top ETF Exposure
- iShares Core High Dividend ETF (NYSE:HDV): 7.35% Weight
- First Trust Morningstar Dividend Leaders Index Fund (NYSE:FDL): 8.98% Weight
- iShares North American Natural Resources ETF (BATS:IGE): 9.45% Weight
Significance: Because CVX carries such a heavy weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock.
CVX Price Action: Chevron shares were up 0.79% at $183.39 during premarket trading on Tuesday. The stock is approaching its 52-week high of $186.52, according to Benzinga Pro data.
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