Chevron Price Target Soars to Street-High $243 Amid Booming Oil Prices

Piper Sandler, an investment firm, has boosted its price target for Chevron to $243 from $207, making it the highest on Wall Street. This move is part of a broader round of estimate increases across integrated oil and refiner coverage due to stronger crude and refining margins.

The firm's commodity assumptions have been revised by energy strategist John Royall, including a 3Q Brent forecast increase to $88/bbl from $80/bbl, and fourth-quarter Brent at $90 a barrel. He also raised refining crack spread forecasts, lifting the firm's third- and fourth-quarter 321 crack estimates by about $2.00 to $2.50 a barrel.

This has pushed Piper Sandler's estimates above consensus for both majors and refiners, with an average of 13% increase in price targets for global majors and 31% for refineries.