BMO Analyst Raises Chevron's Price Target Amid Expansion Plans
Chevron Corporation (NYSE:CVX) has seen its stock surge by nearly 34% since the beginning of 2026, reaching an all-time high on September 2. BMO Capital analyst Phillip Jungwirth raised his price target for Chevron from $210 to $235 while maintaining an 'Outperform' rating. The optimism is driven by Chevron's recent expansion in Venezuela and its plans to invest over $7 billion there, aiming to double oil production to around 600,000 barrels per day. Chevron has a long-standing presence in Venezuela despite U.S. sanctions and benefits from low production costs below $20 per barrel. The company is also on track for significant cost reductions across its portfolio by the end of 2026. However, risks include geopolitical instability in Venezuela and potential delays or overruns in infrastructure upgrades. While BMO Capital sees strong upside potential, analysts caution that Chevron's recent high profits may be tied to unusual market conditions, which could normalize and affect future performance.
Tickers: $CVX
Topics: BMO Capital Chevron oil production price target Venezuela expansion