UBS and Mizuho Model Chevron Q2 EPS Above Consensus Ahead of July 24 Results

UBS raised its second-quarter 2026 earnings-per-share estimate for Chevron to USD 5.70, well above the market consensus of USD 5.02, ahead of results scheduled for July 24. The bank cited higher realized crude prices and improved margins in refining and the ethylene chain.

Mizuho sits close behind, modeling roughly USD 5.60 per share for the same period, about 7% above consensus. Mizuho kept its Outperform rating while cutting its price target to USD 224.

BMO Capital maintained Outperform on Chevron (NYSE:CVX) with a price target of USD 205.00. The house pointed to momentum across Chevron's medium-term options, including power, Venezuela, Argentina, and the Middle East and North Africa region.

BMO said it will track exploration developments and the debottlenecking of the Tengiz-Chevroil project through the second half of the year.

The stock was cited at USD 176.40 in the article, a level at which the shares appear undervalued on InvestingPro's Fair Value analysis. The analyst consensus rating stands at 1.71, between Buy and Outperform.

Wolfe Research upgraded Chevron to Outperform, flagging an improved outlook and a favorable entry point for investors.

Chevron has raised its dividend for 38 consecutive years and currently offers a yield of 4.04%, according to InvestingPro. InvestingPro tracks more than 10 additional key tips for CVX investors, and its Pro Research report covers this company and more than 1,400 other US-listed companies.

Separately, Chevron signed a technology license agreement with ZL Chemicals Ltd, allowing the latter to commercialize Chevron's surfactant technology for enhanced oil recovery.

A Chevron tanker was struck by a drone near the Caspian Pipeline Consortium terminal, with no visible damage or environmental effects reported.