HSBC raised its Chevron price target to $250 from $218 on Sept. 25, keeping its Buy rating. The bank raised its 2026–28 cash-flow forecasts and expects Chevron to lift annual buybacks to $15 billion; at about $204 a share, the target implies roughly 22% upside.
According to Investing.com, HSBC raised its cash-flow forecasts by 15% for 2026, 46% for 2027 and 23% for 2028. The bank cited Chevron’s sensitivity to oil prices and said the company had the lowest Middle East exposure among the five largest global oil companies.
The target is not guaranteed: HSBC’s forecasts rely on crude prices staying high amid international tensions. The article says easing Iran and Middle East hostilities, along with Iranian oil returning to global markets, could reduce that support. HSBC also said its lower 2027 gas-price forecast would affect Chevron more than most peers.
