HSBC Bumps Up Chevron Price Target to $250 Amid Oil 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 the company's high sensitivity to elevated oil prices due to its upstream focus and liquids content as the reason for the revised forecast.

HSBC also noted that Chevron benefits less than peers from strong global gas and LNG prices as well as refining margins, but its new assumptions have strengthened the company's earnings and cash flow outlook.

The firm forecasts an increase in Chevron's 2026-2028 cash flow from operations of 15%, 46%, and 23% respectively, with a particularly significant uplift expected for 2027.