Chevron, ConocoPhillips, and Valero Energy stocks surged to annual highs as Brent crude prices rallied past $101 a barrel on Wednesday.
- CVX stock climbed nearly 2%, COP stock closed up more than 1%, and VLO stock rose 1.59% at close.
- Stifel resumed coverage of COP stock with a ‘Hold’ rating and a $148 price target, implying upside of more than 8% from its last close.
- VLO stock is on track to post its fifth consecutive week of gains amid the rise in oil prices.
Shares of oil companies Chevron Corp. (CVX), ConocoPhillips (COP), and Valero Energy Corp. (VLO) surged to 52-week highs on Wednesday as oil prices rallied amidst the ongoing war in the Middle East.
Brent crude prices surged past $101 a barrel on Wednesday, while WTI Crude prices breached $96 a barrel.
CVX stock climbed nearly 2% at close amid the surge in oil prices, while COP stock closed up more than 1%. VLO stock rose 1.59% at the end of the trading session.
Chevron Benefits From Soaring Oil Prices
CVX stock jumped to an annual high of $215.28 on Wednesday, putting it on track for a second week of gains.
Surging oil prices benefit the oil exploration and production company, which pumps around 4 million barrels of oil and natural gas per day globally.
Chevron is also the only oil major with existing roots in Venezuela, which it is likely to benefit from under the latest U.S.-Venezuela Oil Deal, which grants the nation access to 65 billion barrels of Venezuelan oil reserves.
Chevron currently produces about 280,000 barrels of oil per day in Venezuela and aims to reach roughly 600,000 barrels per day around 2031.
On Stocktwits, retail sentiment around CVX stock was ‘neutral’ at the time of writing. The company’s shares have surged more than 37% so far in 2026.
Stifel Resumes Coverage Of ConocoPhillips With A Hold Rating
COP stock jumped to a 52-week high of $137.86 on Wednesday amid surging oil prices.
Meanwhile, Stifel resumed coverage of the company with a ‘Hold’ rating and $148 price target, which implies an upside of more than 8% compared to its last close.
The analyst said that the shares warrant a premium multiple due to ConocoPhillips’ “attractive” capital-efficient growth through the cycle. However, Stifel also said that it sees better relative value elsewhere in the sector.
According to Koyfin data, the 26 analysts covering the stock have a 12-month average price target of $145.33, implying upside of more than 6%.
Retail sentiment around COP stock on Stocktwits was ‘bearish’ at the time of writing. The company’s shares have rallied more than 41% this year.
Valero Energy Gets Wall Street Thumbs Up
VLO stock jumped to a 52-week high of $389.18 on Wednesday as the downstream energy company also benefited from rising oil prices.
The stock is on track to post its fifth straight week of gains amid rising oil prices, driven by the ongoing conflict with Iran that has strained energy supply through the Strait of Hormuz.
Earlier this week, UBS raised the firm’s price target on Valero to $450 from $355 and maintained a ‘Buy’ rating on the shares. The analyst said Valero is well positioned for sustained value creation as refining margins remain elevated longer than expected and may settle at structurally higher mid-cycle levels, supported by disciplined capital allocation and shareholder-friendly returns.
On Stocktwits, retail sentiment around VLO stock was ‘bullish’ at the time of writing. The company’s shares have gained more than 135% in the last year.
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