Chevron Stock Expected to Rise, but Premium Valuation May Be Stretched

Chevron's stock has had a standout year so far in 2026, up 31.6% year-to-date and 18.79% in the last month.

The company recently signed a 20-year power deal with Microsoft for a West Texas data center, which has contributed to its success.

However, according to our 24/7 Wall St. price target, Chevron's stock is only expected to rise by 4.99% from its current quote of $194.99, reaching $204.72.

This implies that the company's premium valuation may be stretched compared to other oil majors like ExxonMobil, which has a cheaper P/E ratio and stronger return on equity (ROE).