Chevron Gets Street-High PT Boost from Strong Oil Prices

Piper Sandler has upgraded its price target for Chevron to $243, the highest on Wall Street, due to stronger crude and refining margins.

The firm increased its estimates across its integrated oil and refiner coverage, with Brent forecast rising to $88 per barrel in the third quarter and $90 in the fourth quarter, both up from previous forecasts of $80.

John Royall, an analyst at Piper Sandler, raised refining crack spread forecasts, lifting the firm's 321 crack estimates by around $2.50 a barrel for the third and fourth quarters, and its 2027 assumption by roughly $5.