New York, Feb 3, 2026, 19:01 EST — After-hours
Chevron (CVX.N) shares climbed 2.3%, closing at $178.04 on Tuesday and hitting a fresh 52-week high. The energy sector pushed higher despite a broader market pullback. Trading volume reached about 18.2 million shares, surpassing the stock’s 50-day average. Exxon Mobil and ConocoPhillips also saw gains, each rising over 3%, even as the S&P 500 and Dow finished lower. (MarketWatch)
This matters now since the stock is behaving more like a crude proxy than reflecting balance-sheet fundamentals. When geopolitics rattles oil prices, capital often flows quickly into the largest, most liquid sector players.
Chevron’s rally has left little margin for missteps. Traders are focused on whether crude can sustain its rebound and how news from Venezuela might influence the outlook for heavy barrels—either easing concerns or adding complexity.
Oil jumped about 2% Tuesday after the U.S. military downed an Iranian drone and reports surfaced of Iranian gunboats closing in on a U.S.-flagged tanker near the Strait of Hormuz. Brent crude closed at $67.33 a barrel, with U.S. crude at $63.21. Both had dropped over 4% the previous day, following President Donald Trump’s comment that Iran was “seriously talking” with Washington. Bob Yawger, Mizuho’s director of energy futures, noted in a report that “the diplomatic effort to avoid a U.S. military strike in Iran is unravelling.” (Reuters)
Integrated oil giants such as Chevron usually follow that pattern—higher crude boosts upstream revenue, though refining margins can be unpredictable. Tuesday’s trading felt like a rotation: investors pulled back from growth stocks, favoring cash-flow plays linked to tangible assets.
HSBC cut Chevron to Hold from Buy on Monday but lifted its price target to $180 from $169, citing a 16% rally this year that it said had pushed valuations too far after upbeat views on Venezuela and rising oil prices. Analyst Kim Fustier pointed to Chevron’s roughly 2% discount to Exxon on a 2026 EV/DACF basis — a cash-flow multiple — and said the gap seemed justified. HSBC also highlighted Chevron’s expected 2026 distribution yield, combining dividends and buybacks, at 7.2%, which trails European rivals BP and TotalEnergies near 8.5%, and Shell above 10%. (Investing)
A Form 144 filing dated Feb. 2 revealed plans to sell 45,800 Chevron shares, valued around $8 million, via Morgan Stanley Smith Barney on the New York Stock Exchange. This form serves as a heads-up from insiders or affiliates intending to offload restricted or control securities. (SEC)
Venezuela remains a factor on the operating front. Chevron has ramped up shipments of Venezuelan crude to the U.S., swelling supply that some Gulf Coast refiners find tough to handle at current price levels. According to Reuters, Chevron’s exports rose to 220,000 barrels per day in January, up from 99,000 bpd in December. CEO Mike Wirth told investors the company’s refining capacity can handle up to 150,000 bpd of Venezuela’s heavy crude. Meanwhile, total Venezuelan exports to the U.S. nearly tripled to 284,000 bpd last month, Reuters reported. Phillips 66 CEO Mark Lashier noted that Venezuelan grades need to be priced competitively to push out other heavy barrels. (Reuters)
The trade cuts both ways. Should crude fall on a diplomatic thaw or a wider risk-off move, oil stocks could swiftly lose gains — particularly if they’re already hovering near a 52-week high.
Investors are focused on Wednesday’s U.S. government petroleum inventory report and any fresh updates on Iran and Venezuela policy. Chevron’s upcoming ex-dividend date falls on Feb. 17, with the dividend payment scheduled for March 10, per data from Investing.com. (Investing)
