Chevron (CVX) Stock Joins the Top 20 Most Valuable U.S. Companies as Oil Prices Surge 47%

TLDR

• Chevron’s market cap crossed $400 billion for the first time, placing it among the 20 most valuable U.S. companies.
• CVX stock edged up 0.9% to $203.34 Friday morning while the S&P 500 fell 0.8%.
• Chevron added $29.3 billion to its market cap from Feb. 27 to March 19, climbing four places to 20th in the U.S. rankings.
• Brent crude soared 47% over the same period, driven by the conflict with Iran.
• HSBC upgraded CVX to Buy from Hold, raising its price target to $215 from $180.

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Chevron has crossed the $400 billion market cap threshold for the first time, landing it among the 20 most valuable listed companies in the U.S. The oil-and-gas major got there on the back of a war-driven energy price surge that has reshaped the market cap rankings in recent weeks.

Chevron Corporation, CVX

CVX stock edged up 0.9% to $203.34 in early Friday trading. The S&P 500 was down 0.8% over the same period, making Chevron’s move stand out.

At close of business Thursday, Chevron’s market value ticked just over $400 billion — a first for the company, according to Dow Jones Market Data.

The catalyst is no mystery. From Feb. 27, the day before the Iran conflict began, through March 19, Brent crude surged 47%. That tailwind pushed Chevron’s market cap up by $29.3 billion over that stretch.

The move lifted Chevron four places in the U.S. company rankings, landing it at 20th.

Rival Exxon Mobil ($XOM) also benefited. Its market cap grew by $23.6 billion over the same period. Exxon held its position as the 13th largest public company in the U.S., meaning it didn’t need to climb — it was already there.

HSBC Upgrades CVX to Buy

On Friday morning, HSBC upgraded Chevron to Buy from Hold and raised its price target to $215 from $180. The firm cited the “macro shock” from the Middle East conflict as the reason for lifting estimates across the global integrated oil sector.

The analyst noted that CVX has lagged Exxon year-to-date despite having less Middle East exposure. HSBC said it prefers Chevron to Exxon, pointing to an “unusually deep discount,” lower regional risk, and higher balance sheet gearing — which gives more leverage to rising commodity prices.

Palantir Technologies ($PLTR) has been another standout mover since the conflict began. The data analytics firm, known for its close ties to U.S. defense and intelligence agencies, added $44.2 billion to its market valuation from the end of February.

Palantir Climbs the Rankings

That gain shot Palantir up seven places in the U.S. company rankings. It now sits at 22nd, just behind Chevron.

PLTR stock was down 2.49% on Friday, giving back some of its recent gains.

Chevron’s $400 billion milestone puts it in rare company. It now sits alongside U.S. tech and financial giants that have dominated the top 20 for years.

HSBC’s $215 price target implies roughly 6% upside from Friday’s early trading price of $203.34.

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