Chevron's shares now trade above analyst price targets after a third-quarter report with adjusted EPS of $5.28 versus a $4.83 estimate and revenue of $65.24 billion, up 35.4%, driven by record refining profits as Brent averaged $97 per barrel. The 24/7 Wall St. model sets a price target of $189.50, about 19.5% below the $235.39 share price, with a sell rating at 90% confidence, mainly due to a rich valuation relative to peak-cycle earnings. Bulls point to the 2.67-gigawatt Project Kilby power deal with Microsoft and targets for adjusted free cash flow growth above 10% a year through 2030, while 20 analysts rate the stock Buy or Strong Buy versus one Sell. The main risk is oil prices, as the EIA forecasts Brent falling to $89 in Q4 2026 and $79 in 2027, while Chevron trades at 22 times trailing earnings.
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