Chevron Corp (NYSE:CVX) shares are down 1.2% to trade at $179.87 at last glance, brushing off an upgrade at Melius Research to "buy" from "hold," as well as a price-target hike to $205 from $155. The analyst noted exploration upside amid Venezuela tailwinds, in addition to the company's projects that could carry large-scale potential.
Most brokerages already leaned bullish toward CVX coming into today, with 17 of the 28 firms in question sporting a "buy" or better rating. What's more, the 12-month consensus target price of $183.84 is already a 2.5% premium to current levels.
On the charts, the stock is taking a breather from its Feb. 11, three-year of $186.52. The shares remain firmly above the 20-day moving average, though, which has been ascending since early January. CVX already sports an 18% lead for 2026, and in the last nine months it has added nearly 31%.
What's more, options are reasonably priced. This is per the stock's Schaeffer's Volatility Index (SVI) of 24% that sits higher than just 13% of all other readings from the past year, implying that near-term option traders are pricing in relatively low volatility expectations.
