Chevron Stock Nears Record High, But Bulls See Further Upside

Chevron stock has surged 42.82% year-to-date and is nearing its record high of $212.79.

The 24/7 Wall St. price target for Chevron is $204.67, implying a 3.81% downside over the next twelve months, but this could change if several bullish factors come into play.

The bull case rests on four legs: Guyana, Permian efficiency, Project Kilby, and cash returns. If Brent stays above $95 and Project Kilby reaches its final investment decision this year, the setup strengthens for Chevron shares to break through to a new record high, potentially reaching $228.

However, risks such as CPC pipeline disruptions in Kazakhstan and Middle East volatility remain live, which could push shares toward the bear case of $181.75 by 2030.