New York, February 17, 2026, 14:37 EST — Regular session
- Chevron shares slipped roughly 2% this afternoon, tracking a downturn in crude prices.
- Melius Research bumped Chevron up to Buy and raised its price target to $205.
- Investors are tuning in to fresh U.S.-Iran developments, and they’re also waiting for the postponed U.S. oil inventory data expected later in the week.
Shares of Chevron (CVX.N) slipped roughly 1.8% to $180.37 on Tuesday, surrendering earlier advances as energy names followed crude lower.
Oil prices dropped to their lowest in two weeks, with fresh signals from U.S.-Iran nuclear negotiations cooling immediate supply worries—though officials cautioned a deal isn’t on the table yet. Brent ended down 2.1% at $67.24 a barrel; U.S. West Texas Intermediate shed 1.0%, settling at $62.24. Traders also factored in a slow production ramp-up at Kazakhstan’s Tengiz field. “Sharp two-way swings driven by diplomatic signals” are dominating trading, said Sugandha Sachdeva, founder of SS WealthStreet, rather than shifts in the underlying fundamentals. 1
Chevron’s ability to generate cash — and funnel it to shareholders via dividends and buybacks — still depends on where crude prices land following the latest geopolitical twists. Melius Research’s James West bumped Chevron up to Buy from Hold and lifted his price target to $205 from $162, saying the company is “well positioned” as it ramps up returns to investors and chases “high-impact exploration.” West added that Chevron is now turning its focus to “cash generation in the Permian Basin,” calling out the key U.S. shale hub. 2
Chevron grabbed headlines in Europe this week as its consortium inked exclusive leases covering four deepwater blocks off southern Greece—spanning roughly 47,000 square kilometers. Those deals still face a hurdle: Greek lawmakers must sign off before seismic surveys begin later this year. Test drilling? Not likely before 2030–2032. U.S. ambassador to Greece Kimberly Guilfoyle called the move one that “redraws… the energy map of Europe.” Greece, for its part, is positioning itself as a U.S. LNG gateway, betting on demand for liquefied natural gas shipped into the region. 3
Exxon Mobil (XOM.N) slipped roughly 2.1% to $145.38, highlighting just how sharply shares of major U.S. oil names can react when crude prices move.
Chevron fell—even with an upgrade and fresh exploration news out the same day. Brokers may shape the narrative, but it’s crude prices that usually steer the shares.
Brokers set price targets to indicate where they think a stock might end up in the next twelve months—no guarantees there. Still, traders often use those estimates as a reference point when they size up the shares.
Still, there’s a risk here. Should diplomatic talks continue to tamp down supply worries, or if supply ramps up quicker than buyers show up, crude prices could stay sluggish. That spells trouble for sector profits, particularly with energy stocks already rallying hard.
Coming up, investors are keeping an eye out for any new U.S.-Iran developments and the U.S. weekly petroleum status report, which was pushed back to February 19 at 12:00 p.m. Eastern after the President’s Day break. 4
