TD Cowen boosts Chevron stock target to USD 215.00 after strong earnings

TD Cowen has raised its price target for Chevron stock (ISIN US1667641005) to USD 215.00 from USD 205.00, as reported on September 28, 2026. Analyst Jason Gabelman maintained a Hold rating despite the upgrade. The adjustment comes on the heels of Chevron's strong second-quarter performance in 2026, where the company reported adjusted earnings of USD 12.00 billion, or USD 6.06 per share. This marked a significant improvement from the first quarter, with earnings increasing by USD 9.20 billion.

Chevron also demonstrated financial discipline by reducing debt by more than USD 8.00 billion during the quarter. The company's operating cash flow, excluding working capital, reached USD 19.70 billion, while adjusted free cash flow stood at USD 15.40 billion. These figures underscored Chevron's ability to generate substantial cash flow while managing costs efficiently.

The company highlighted USD 3.00 billion in annualized structural cost reductions, achieved six months ahead of schedule. Over 70% of these savings were derived from efficiency gains, providing a solid operational foundation for the revised target. Chevron's capital spending guidance for 2026 remains between USD 18.00 billion and USD 19.00 billion, with management expecting to spend at the lower end of this range.

As of October 6, 2026, Chevron's stock was trading at USD 206.48 on the NYSE, with a market capitalization of USD 411.2 billion. The 52-week range for the stock was between USD 133.77 and USD 217.78. The company is set to release its third-quarter 2026 earnings on October 30, 2026, at 11:00 a.m. ET, which will be closely watched to see if the second-quarter trends can sustain the higher valuation.