Chevron Corp Hits 52-Week High — What's Driving The Move?

Chevron Corporation (NYSE:CVX) shares touched a new 52-week high of $187.90 on Thursday, bucking broader market weakness as the energy sector outperformed.

Stock Climbs Despite Market Headwinds

Chevron shares were up 1.54% at $186.71 at the time of publication on Thursday, according to Benzinga Pro data, even as major indices, including the Dow Jones and S&P 500, experienced declines.

The energy sector was up 1.31% on the day, providing a tailwind for the oil giant.

The stock has now gained 18.57% over the past 12 months, trading 5.7% above its 20-day simple moving average and 21.2% above its 200-day SMA. The RSI stands at 66.68, approaching but not yet in overbought territory.

Catalysts

A key catalyst is Chevron’s expanding Mediterranean footprint. On Monday, the company disclosed lease agreements with the Hellenic Republic for four offshore blocks in Greece, with Chevron holding a 70% operating interest alongside HELLENiQ ENERGY.

Also, crude oil prices are up 2.29% to $66.54 on U.S.-Iran tensions. The up move in crude price uplifts oil and gas stocks and related ETFs like the United States Oil Fund LP ETF (NYSE:USO).

Earnings & Analyst Outlook

Chevron Corporation is slated to provide its next financial update on May 1. With the earnings date more than two months away, the focus remains on the company’s strategic maneuvers and sector performance.

• EPS Estimate: $1.51 (Down from $2.18 YoY)
• Revenue Estimate: $46.90 Billion (Down from $47.61 Billion YoY)
• 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 $172.75. 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 Rank: Strong (Score: 76.75) — Chevron is trading at a premium, reflecting its robust market position and investor confidence.
• Momentum Rank: Bullish (Score: 70.6) — The company shows strong momentum, outperforming many of its peers in the energy sector.

CVX Price Action: Chevron shares were up 1.54% at $186.71 at the time of publication on Thursday, according to Benzinga Pro data.

Image via Shutterstock