HSBC Boosts Chevron Price Target to $250 Amid Ongoing Tensions

HSBC has increased its price target for Chevron Corporation (CVX) to $250 from $218, citing the oil giant's high sensitivity to oil prices and low Middle East exposure.

The bank kept its Buy rating on the stock, which trades near $204 per share and is up more than 31% for the year. The new target suggests Chevron could gain another 22% or so if it reaches $250, well above its all-time high.

HSBC's decision was part of a broader shift in its oil ratings, with upgrades to Buy for BP and TotalEnergies while keeping Buy ratings on Shell and Repsol. The bank also raised its cash flow forecasts for Chevron by 15% for 2026, 46% for 2027, and 23% for 2028.

Chevron's profits move closely with oil prices, which is why HSBC sees a higher price target as a chance to buy more. The company has the lowest Middle East exposure of the five biggest global oil companies, giving it an advantage in case of supply disruptions.