Morgan Stanley Raises Chevron (CVX) Price Target to $226

Morgan Stanley has reaffirmed its Overweight rating on Chevron with a price target increase to $226, a 0.45% upside from the current price.

By EarningsIQ Research Desk · Published Oct 15, 2026, 9:18 PM EDT · Updated Oct 16, 2026, 11:15 PM EDT

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Morgan Stanley raised its price target on Chevron Corporation ($CVX) to $226 from $218 on October 15, 2026, and rates the stock "Overweight".

Since the rating, $CVX is up 2.6% to date (from the $219.32 close on Oct 15, 2026).

CVX Chevron Corporation

$224.99 +48.35% year to date

Daily close · Oct 16, 2026

Key Points

On October 15, 2026, Morgan Stanley reiterated its Overweight rating on Chevron Corporation, raising the price target from $218 to $226.
Morgan Stanley's $226 price target implies 0.45% upside from Chevron Corporation's ($CVX) current $224.98 share price.
Chevron's shares recently traded around $224.08, which is above both its 50-day and 200-day moving averages by 8.6% and 18.2%, respectively.
The company has a market cap of approximately $430.2 billion and is set to report earnings on October 30, 2026.

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Morgan Stanley has reiterated its Overweight rating on Chevron Corporation (NYSE: CVX) with a new price target of $226, up from $218. This rating change occurred on October 15, 2026.

Other Institutional Activity in Chevron

Several institutional investors have made adjustments to their positions in Chevron. Blackrock Inc. grew its holdings by 10,101,663 shares, ending with 154,824,622 shares worth about $34.8 billion. Meanwhile, State Street Corporation reduced its shares by 4,685,886, holding a total of 148,447,634 shares valued at approximately $33.4 billion. Vanguard Capital Management LLC added 416,444 shares, bringing its total to 122,899,830 shares worth about $27.7 billion. Berkshire Hathaway, Inc. maintained its position with 84,375,856 shares valued at around $18.98 billion, while Geode Capital Management, LLC increased its stake by 860,406 shares, totaling 44,535,812 shares worth about $10.0 billion.

Chevron Corporation Stock Up 1.3%

Chevron's stock is currently trading around $224.08, which is above its 50-day moving average of $206.42 and its 200-day average of $189.50. It is also slightly above its 52-week high of $223.46 by about 0.3%. However, the stock remains below the analyst mean price target of $227.92 by about 1.7%.

12-month forecast

$CVX price target

Chevron Corporation daily closes and this analyst's $226 target. Not advice.

Recent Earnings

Chevron reported trailing twelve-month revenue of approximately $209.4 billion and an EPS of $10.6. The company has a net margin of 9.8% and a return on equity of 12.2%. Its next earnings report is scheduled for October 30, 2026.

Earnings drift grade

Outlook vs expectations on the last report — not price action.

C+ 64/100

Reported May 1, 2026

Forward outlook
5 analysts raised price targets.
EPS & revenue
EPS beat estimates by 46.5%. Revenue missed estimates by 9.6%.
Profit surprise
EBITDA beat by 3 percent. Operating income missed by 7 percent.
Pre-earnings setup
Expectations were about average.
Analyst signal
5 target raises.
Earnings quality
Gross margin down 19.4 points. Operating margin down 2.5 points. Positive free cash flow.

Earnings Call Summary

The quarter delivered $1.41 per share in adjusted earnings, beating consensus, but revenue of $47.6 billion fell short of the $52.6 billion street expected. The shortfall was mainly a revenue recognition timing issue from a sharp rise in commodity prices in March, which created about $3 billion in unfavorable mark-to-market effects on derivatives. Core operations remain strong, with Guyana and TCO running at full rates, Asian refineries running hard on Chevron crude, and the company capturing real value from integrating Hess assets. Management stayed disciplined, saying it is too early to change strategy after eight weeks of Middle East conflict.

Guidance Chevron held its full-year capital spending at $18 billion to $19 billion and reaffirmed production growth of 7 percent to 10 percent. The company raised affiliate distribution expectations to over $2 billion above first quarter because TCO, CPChem, and Angola LNG are running strong. At $70 per barrel Brent, cash flow will be solid, and higher prices would boost results further.

Fine but not compelling. Acceptable results that likely do not create a meaningful forward reset.

Insider Buying and Selling at Chevron Corporation

Insider activity at Chevron shows that Jeff B. Gustavson, an officer, sold 14,044 shares on August 11, 2026, for a total of about $2.74 million at an average price of $194.95. CEO Michael K. Andrew Benjamin Walz, another officer, sold 16,800 shares on August 17, 2026, at an average price of $201.06, totaling about $3.38 million. Lastly, Robert Hewitt Pate, also an officer, sold 2,470 shares on August 18, 2026, for about $506,619 at an average price of $205.11.

Analysts Set New Price Targets

On October 15, 2026, Morgan Stanley maintained its Overweight rating on Chevron with a price target increase to $226. Earlier, on September 25, HSBC maintained a Buy rating with a target of $250, while TD Cowen maintained a Hold rating with a target of $225 on October 12. The consensus among analysts shows a recommendation to buy, with a mean target price of $227.92 based on 24 opinions.

About Chevron Corporation

Chevron Corporation is a major player in the energy sector, engaging in oil and gas operations through its subsidiaries. It operates in both upstream and downstream segments, which include exploration, production, refining, and marketing. The recent rating increase by Morgan Stanley reflects ongoing confidence in its operations and market position.

Bottom Line

Investors will be watching for Chevron's next earnings report on October 30, 2026, and any further updates from analysts regarding price targets and recommendations. Morgan Stanley's reaffirmation of its Overweight rating highlights the firm's positive outlook for Chevron amid a dynamic energy market.