HSBC Boosts Chevron Price Target to $250 Amid Oil Price Sensitivity

HSBC has raised its price target for Chevron Corp. to $250 from $218 while maintaining a Buy rating, according to a note released Thursday.

The firm cited Chevron's high sensitivity to elevated oil prices due to its upstream focus and liquids content as the reason for the revised target.

HSBC noted that Chevron benefits less than peers from strong global gas and LNG prices as well as refining margins, but expects the company's earnings and cash flow outlook to be strengthened by a downward revision to 2027 U.S. oil prices.

The firm's new assumptions have led to increased forecasts for Chevron's cash flow from operations, with increases of 15%, 46%, and 23% for 2026-2028, respectively.