Benzinga Pro data showed Chevron shares rising 1.11% to $229.30 in Thursday premarket trading, setting a new 52-week high. Chevron shares surpassed the previous 52-week peak of $227.28. Brent crude gained around 3% on Thursday to approximately $112 amid intensifying Houthi attacks in Saudi Arabia and additional supply disruptions in the world's key oil-exporting region.
Reuters cited PVM Oil analyst Tamas Varga as saying attacks outweighed reports that Middle East crude exports had recovered above pre-conflict levels. Varga cited attacks on vessels in the Strait of Hormuz and Houthi strikes against Saudi Arabia and Saudi oil infrastructure. Varga expects oil prices to stay high and does not anticipate de-escalation before the U.S. midterm elections. Morgan Stanley analysts estimated Middle East crude exports at approximately 17 million barrels per day last week.
Saudi Aramco reportedly told employees to leave the company's Dhahran headquarters and work remotely. Reuters reported that the U.S. State Department ordered some diplomats and family members to depart Saudi Arabia. Reuters also reported that the State Department is arranging further departures from other Middle East missions. Separately, Bloomberg reported that an arbitration ruling in the Kashagan dispute invalidated a $12 billion cost claim.
Reuters reported that Chevron is weighing sales of mature oil and gas assets in the U.S. Gulf while giving priority to higher-growth regional projects. Reuters said the possible sales could raise around $1 billion. The sale process spans multiple months and remains at an early stage. The assets under consideration could include Petronius, Tubular Bells, Llano and stakes in several other operated and non-operated fields. Chevron said the sales are not assured and support efforts to match the company's portfolio with strategic priorities. Chevron aims to produce 300,000 barrels of oil equivalent per day in the U.S. Gulf by year-end, reflecting an emphasis on newer developments and growth opportunities.
Chevron is scheduled to release earnings on October 30, 2026. The earnings-per-share estimate is $4.88, compared with $1.85 a year earlier. The revenue estimate is $61.11 billion, compared with $49.73 billion a year earlier. Chevron's price-to-earnings ratio of 21.8 times suggests a fair valuation compared with peers. The analyst consensus rating is Buy, with an average price forecast of $226.77.
Morgan Stanley raised Chevron's price target to $226.00 on October 15 and assigned an Overweight rating. TD Cowen raised Chevron's price target to $225.00 on October 12 and assigned a Hold rating. UBS raised Chevron's price target to $235.00 on October 8 and assigned a Buy rating.
Chevron Stock Hits New 52-Week High Amid Oil Price Surge
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Summary
Chevron (NYSE:CVX) shares climbed 1.11% to $229.30 in premarket trading on October 22, 2026, hitting a new 52-week high. The rise followed a 3% jump in Brent crude to $112, driven by Houthi attacks and supply disruptions in Saudi Arabia. Analysts see sustained high oil prices due to regional tensions. Chevron is reviewing mature U.S. Gulf assets for a potential $1 billion sale, shifting focus to growth projects. The company will report earnings on October 30, with an expected EPS of $4.88 and revenue of $61.11 billion. On-chain data shows growing interest in altcoins to watch amid energy market volatility.
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