XOM, CVX Are Already Up More Than 25% This Year — One Analyst Thinks There's Still More To Come For Big Oil

Exxon Mobil is up nearly 28% so far in 2026, and Chevron has gained about 25% in the same time.

• Piper Sandler assumed coverage of Exxon Mobil on Thursday with a ‘Neutral’ rating and $158 price target, implying an upside of nearly 1%, as per TheFly. 
• Piper Sandler assumed coverage of Chevron with an ‘Overweight’ rating and $207 price target, implying an upside of about 6.5% from its last close. 
• Oil prices have been climbing amid the standoff between the U.S. and Iran as American forces attacked the Middle Eastern country for a 13th consecutive night on Thursday.

Shares of Exxon Mobil Corp. (XOM) and Chevron Corp. (CVX) were mixed in early premarket trading on Friday as oil prices soared over $100 a barrel on Thursday. 

XOM stock is up nearly 28% so far in 2026 and CVX stock has gained about 25% in the same time. Yet, Piper Sandler sees further upside in both stocks.

How Much Upside Does Piper Sandler See?

Piper Sandler assumed coverage of Exxon Mobil on Thursday with a ‘Neutral’ rating and $158 price target, implying an upside of nearly 1%, as per TheFly. 

The company's "low" balance sheet makes room for steady capital allocation execution through the market cycle, the analyst reportedly said, but added that it believes Exxon is trading near fair value multiples on 2027 estimates. 

Meanwhile, Piper Sandler assumed coverage of Chevron with an ‘Overweight’ rating and $207 price target, implying an upside of about 6.5% from its last close. 

The analyst said the company has removed two key valuation overhangs over the past year: uncertainty surrounding the completion of the Hess acquisition and the successful startup of the Tengiz Future Growth Project (TCO FGP). The firm also noted that the company is entering a period of stronger organic cash flow growth as capital spending, excluding the Hess acquisition, continues to decline. 

Oil Prices Climb Amid Middle East Tensions

Oil prices have been climbing amid the standoff between the U.S. and Iran as American forces attacked the Middle Eastern country for a 13th consecutive night on Thursday. 

Brent crude prices rose to over $100 a barrel before declining to about $98.90 at the time of writing. WTI crude was trading around $90.57. 

XOM, CVX: Retail Stance

On Stocktwits, retail sentiment around XOM and CVX stocks was ‘bullish’ at the time of writing amid ‘normal’ message volumes. 

Both tickers were trending on Stocktwits at the time of writing. 

Meanwhile, the State Street Energy Select Sector SPDR ETF (XLE) was trading lower at the time of writing amid ‘bullish’ sentiment. 

One user said, “$XLE $XOM $CVX $OXY These should all be up more than 4% today on this immense move up to $100 bbl drizzy.”

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