New York, Feb 2, 2026, 11:04 EST — Regular session
- Chevron shares fell about 1.4% in morning trading, tracking a sharp drop in crude prices.
- HSBC cut Chevron to “hold” from “buy,” lifting its price target to $180.
- Traders are watching oil headlines and Chevron’s Feb. 17 dividend record date.
Chevron stock (CVX) fell 1.4% to $174.50 by 10:48 a.m. EST on Monday, pressured by a slide in oil prices and a broker downgrade.
The move matters because Chevron’s earnings power still hinges on crude. When oil drops fast, investors tend to reprice cash flow, buybacks and the “how safe is the dividend?” question, even for the biggest integrated producers.
It also lands after a strong January run for energy shares. That rally left less room for error, especially with fresh Middle East headlines pushing oil the other way.
Brent crude and U.S. West Texas Intermediate (WTI) — the two main global oil benchmarks — fell about 5% after Donald Trump said Iran was “seriously talking” with Washington, easing fears of supply disruption. PVM Oil Associates analyst Tamas Varga called it the “disappearance of the geopolitical risk premium,” while OPEC+ kept March output unchanged. (Reuters)
Other oil majors slid with it. Exxon Mobil fell about 1.6% and ConocoPhillips lost about 1.9%.
In a note, Kim Fustier at HSBC downgraded Chevron to “hold” from “buy” and raised the price target to $180 from $169, saying a roughly 16% year-to-date rise had left valuations “stretched.” (Investing)
Chevron said on Jan. 30 that fourth-quarter earnings were $2.8 billion, or $1.39 per share, and adjusted earnings were $1.52 per share. In the same release, it raised the quarterly dividend 4% to $1.78 a share, payable March 10 to holders of record on Feb. 17 — the date shareholders must be on the books to get the payout. (SEC)
The risk for Chevron bulls is that oil can keep falling after a big run-up, and the stock usually won’t fight that tape for long. On the flip side, any reversal in Middle East diplomacy or a new supply shock can put a floor back under crude, quickly.
For now, traders are watching crude for fresh Washington-Tehran headlines and what they do to the “risk premium,” with Chevron’s Feb. 17 record date for the higher dividend next on the company calendar.
