TD Cowen Raised Price Targets for Chevron and ExxonMobil
Analyst Jason Gabelman cited expectations for strong refining performance in the third quarter.
Updated on Sept. 28, 2026 in Oil and Gas
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TD Cowen analyst Jason Gabelman increased his price forecasts for oil giants Chevron and ExxonMobil. The revisions follow projections that both companies are likely to beat third-quarter earnings estimates.
Why it matters
Investors are closely watching refining performance as a key driver for profitability in the energy sector. Higher price targets suggest growing confidence in the operational outlook for major oil producers despite specific regional challenges.
Chevron shares rose 1.07 percent following the update, while ExxonMobil shares increased by 1.03 percent. Chevron is further projected to generate $1 billion in free cash flow once production reaches its 600,000 boe/d target.
The players
Jason Gabelman
He is an equity analyst at TD Cowen who specializes in researching and providing financial projections for the energy sector.
Chevron
This multinational energy corporation is involved in integrated oil and gas operations across multiple global regions.
ExxonMobil
This publicly traded international oil and gas company is one of the largest energy firms in the world.
TD Cowen
This is a financial services firm that provides investment banking and research services to institutional clients.
The details
Gabelman maintained a Hold rating on Chevron and a Buy rating for ExxonMobil, pointing to anticipated growth in the third quarter of 2026. These updates account for operational shifts in locations like Guyana, Venezuela, and a permitting pause in Texas.
Timeline
Analyst Jason Gabelman issued updated price forecasts on September 28, 2026.
The earnings estimates focus on performance throughout the third quarter of 2026.
Market Landscape
This analysis is part of the third-quarter 2026 earnings season where analysts re-evaluate sector valuations. The move highlights how institutional research firms are recalibrating their stances to account for shifting production and refining capabilities within the energy sector.
Retail investors holding energy stocks may see these adjusted price targets as indicators of future share price potential. The report underscores the importance of refining performance as a signal for the financial health of major energy holdings.
The takeaway
Energy sector analysts are focusing heavily on refining efficiency as a primary lever for short-term stock performance. Investors should monitor quarterly earnings reports closely to see if actual operational results align with these increased production and cash flow projections.
Further reading
For more on the current energy sector outlook, visit the Oil and Gas section.
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