TD Cowen raises target for Chevron stock to USD 215.00

Published on 10/06/2026 at 16:54 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

TD Cowen raised its target from USD 205 to USD 215 on September 28, 2026. Adjusted earnings hit USD 6.06 per share in the second quarter of 2026.

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Chevron stock (ISIN US1667641005) carries a TD Cowen target of USD 215.00 after the firm raised it from USD 205.00 on September 28, 2026. According to Markets Insider, analyst Jason Gabelman kept a Hold rating.

Second-quarter earnings set the base

Chevron reported adjusted earnings of USD 12.00 billion, or USD 6.06 per share, in the second quarter of 2026. Yahoo Finance also reported USD 19.70 billion of operating cash flow excluding working capital and USD 15.40 billion of adjusted free cash flow for that quarter.

The operating comparison was substantial: adjusted earnings were USD 9.20 billion higher than in the first quarter of 2026. Chevron also reduced debt by more than USD 8.00 billion during the quarter, strengthening the balance sheet while keeping capital spending disciplined.

Cost savings support the target

Chevron's second-quarter call reported USD 3.00 billion of annualized structural cost reductions achieved six months ahead of schedule. The company also said more than 70 percent of those savings came from efficiency gains, giving the target increase an operating basis beyond commodity prices.

Chevron's 2026 capital spending guidance remains USD 18.00 billion to USD 19.00 billion, with management expecting spending at the lower end of that range. The same call described a 25.00 percent improvement in Permian capital efficiency per barrel compared with 2025 and a 20-year power purchase agreement with Microsoft covering 2.67 gigawatts of capacity.

NYSE value and October 30 results

Chevron stood at USD 206.48 on the NYSE on October 6, 2026. The market capitalization was USD 411.2 billion, and the 52-week range was USD 133.77 to USD 217.78 on the same date.

Chevron scheduled its third-quarter 2026 earnings conference call for October 30, 2026, at 11:00 a.m. ET. That report will test whether the second-quarter combination of cash generation, cost control and production growth can support the higher TD Cowen valuation.