What is Scotiabank’s Forecast for Chevron FY2026 Earnings?

Chevron Corporation (NYSE:CVX) – Equities research analysts at Scotiabank lifted their FY2026 earnings per share (EPS) estimates for Chevron in a research note issued on Wednesday, February 11th. Scotiabank analyst P. Cheng now anticipates that the oil and gas company will post earnings of $4.70 per share for the year, up from their prior estimate of $3.75. Scotiabank currently has a “Sector Perform” rating and a $168.00 target price on the stock. The consensus estimate for Chevron’s current full-year earnings is $10.79 per share. Scotiabank also issued estimates for Chevron’s FY2027 earnings at $6.55 EPS.

Chevron (NYSE:CVX) last announced its earnings results on Friday, January 30th. The oil and gas company reported $1.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.08. The firm had revenue of $45.79 billion during the quarter, compared to analysts’ expectations of $48.18 billion. Chevron had a return on equity of 8.23% and a net margin of 6.51%.The business’s revenue was down 10.2% on a year-over-year basis. During the same period in the prior year, the firm earned $2.06 EPS.

Several other equities research analysts have also recently commented on the company. Wall Street Zen upgraded Chevron from a “sell” rating to a “hold” rating in a research note on Saturday, January 31st. JPMorgan Chase & Co. upgraded shares of Chevron from a “neutral” rating to an “overweight” rating and set a $176.00 price objective for the company in a research report on Tuesday, January 20th. Jefferies Financial Group boosted their price target on shares of Chevron from $174.00 to $189.00 and gave the stock a “buy” rating in a research note on Wednesday, January 14th. Freedom Capital downgraded shares of Chevron from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 6th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $190.00 price objective on shares of Chevron in a report on Monday, February 2nd. Twelve investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $175.00.

Chevron Price Performance

Shares of CVX opened at $183.65 on Monday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.86 and a current ratio of 1.15. Chevron has a fifty-two week low of $132.04 and a fifty-two week high of $186.52. The firm has a 50-day simple moving average of $162.51 and a 200-day simple moving average of $157.45. The company has a market capitalization of $369.79 billion, a price-to-earnings ratio of 27.58, a price-to-earnings-growth ratio of 12.16 and a beta of 0.70.

Chevron Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 10th. Shareholders of record on Tuesday, February 17th will be given a dividend of $1.78 per share. The ex-dividend date is Tuesday, February 17th. This is an increase from Chevron’s previous quarterly dividend of $1.71. This represents a $7.12 annualized dividend and a yield of 3.9%. Chevron’s dividend payout ratio (DPR) is currently 102.70%.

Insider Buying and Selling

In related news, Director John B. Hess sold 275,000 shares of the company’s stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $150.75, for a total value of $41,456,250.00. Following the sale, the director owned 1,128,045 shares in the company, valued at $170,052,783.75. This represents a 19.60% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Michael K. Wirth sold 320,700 shares of Chevron stock in a transaction on Monday, January 5th. The stock was sold at an average price of $162.99, for a total value of $52,270,893.00. Following the transaction, the chief executive officer directly owned 14,450 shares of the company’s stock, valued at approximately $2,355,205.50. This represents a 95.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 793,163 shares of company stock valued at $127,920,502 in the last 90 days. 0.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Core Wealth Advisors LLC acquired a new position in Chevron during the fourth quarter worth about $26,000. Karpus Management Inc. purchased a new position in shares of Chevron during the 4th quarter worth approximately $27,000. Quattro Advisors LLC acquired a new position in shares of Chevron during the 4th quarter worth approximately $27,000. Quaker Wealth Management LLC lifted its stake in Chevron by 197.7% in the 2nd quarter. Quaker Wealth Management LLC now owns 217 shares of the oil and gas company’s stock valued at $31,000 after buying an additional 439 shares in the last quarter. Finally, Strategic Wealth Advisors LLC purchased a new stake in Chevron in the 4th quarter valued at approximately $33,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Venezuela is set to grant additional oil drilling blocks to Chevron and Repsol, a development that would expand production opportunity and reserves in a high-impact basin. Venezuela set to grant more oil drilling blocks to Chevron, Repsol – Bloomberg
• Positive Sentiment: Chevron has begun processing Venezuelan crude at a Gulf Coast refinery — a tangible near-term boost to volumes/refining feedstock access and a sign of resumed operations tied to political changes. Inside Chevron’s flagship refinery tapping into Venezuelan crude after Maduro’s capture
• Positive Sentiment: Chevron is returning to Libya and pursuing exploration/blocks in the Sirte Basin — a move that increases long‑term upstream optionality if political/security conditions hold. Big Oil embraces global exploration again as Chevron returns to Libya
• Positive Sentiment: Company scale in the Permian (1M boe/d) and deployment of AI/mineral-right advantages were highlighted as drivers of cash flow and cost efficiency — supportive for free cash flow and shareholder returns. Chevron’s Permian Scale Drives Cash Flow and Efficiency Edge
• Positive Sentiment: Unusual options activity: traders bought roughly 1,009,814 call options (a ~2,066% jump vs. typical volume), signaling bullish sentiment or speculative positioning that can add upward price momentum.
• Neutral Sentiment: Bangchak has acquired Chevron’s Hong Kong unit as part of regional restructuring — a non-core asset sale that is likely neutral to core upstream earnings but could slightly simplify regional operations. Bangchak acquires Chevron’s Hong Kong unit to fuel regional expansion
• Neutral Sentiment: Insider disclosure: Chevron CTO Thomas Ryder Booth sold 5 shares (de minimis), an immaterial transaction unlikely to affect investor view. SEC Form 4 disclosure

About Chevron

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.