New York, February 17, 2026, 14:37 EST — Regular session
- Chevron shares down about 2% in afternoon trading as crude prices slide
- Melius Research upgrades Chevron to Buy, lifts price target to $205
- Investors look to U.S.-Iran headlines and delayed U.S. oil inventory data later this week
Chevron (CVX.N) shares fell about 1.8% to $180.37 on Tuesday, giving back early gains as energy stocks tracked a pullback in crude.
Oil prices slid to a two-week low after signs of progress in U.S.-Iran nuclear talks eased near-term supply fears, even as officials stressed a deal was not imminent. Brent fell 2.1% to $67.24 a barrel and U.S. West Texas Intermediate slipped 1.0% to $62.24, with traders also weighing a gradual increase in output at Kazakhstan’s Tengiz field. Sugandha Sachdeva, founder of SS WealthStreet, said the market was seeing “sharp two-way swings driven by diplomatic signals” rather than fundamentals. (Reuters)
The moves matter because Chevron’s cash generation — and the cash it sends back through dividends and buybacks — still hinges on where crude settles after the latest geopolitical turn. Melius Research analyst James West upgraded Chevron to Buy from Hold and raised his price target to $205 from $162, arguing the company is “well positioned” as it lifts shareholder returns and pursues “high-impact exploration.” West also wrote that Chevron is shifting to “cash generation in the Permian Basin,” a major U.S. shale field. (TipRanks)
Chevron also drew attention in Europe this week after a Chevron-led consortium signed exclusive lease agreements to explore for natural gas in four deep-sea blocks off southern Greece, covering about 47,000 square kilometers. The contracts need Greek parliamentary approval before seismic work starts later this year, and any test drilling is not expected before 2030–2032; U.S. ambassador to Greece Kimberly Guilfoyle said the effort “redraws… the energy map of Europe,” as Greece pitches itself as a route for U.S. LNG — gas cooled into liquid for shipping — into the region. (Reuters)
Exxon Mobil (XOM.N), another bellwether for U.S. oil majors, was down about 2.1% at $145.38, underscoring how quickly big integrated producers can trade as crude swings.
Chevron’s drop, coming on the same day as an upgrade and a new exploration headline, was a reminder that brokers can move the story but oil usually moves the stock.
A price target is a broker’s estimate of where a stock could trade over the next year, not a promise. Traders still tend to mark the shares against the barrel.
But there is a downside case. If diplomacy keeps easing supply fears — or if more barrels come back faster than demand — crude could stay soft and pressure the sector’s earnings power, especially after a strong run for energy names.
Next up: investors are watching for fresh U.S.-Iran headlines and Thursday’s delayed U.S. weekly petroleum status report, scheduled for February 19 at 12:00 p.m. Eastern following the President’s Day holiday. (Eia)
