Chevron stock has been getting a lot of attention right now, and UBS just upgraded their price target to $197 following the company’s strategic move back into Iraq. The Chevron stock price gained momentum after last week’s agreement with Iraq’s Oil Ministry to develop the massive Nasiriyah oil field, which actually marks a pretty significant shift for the energy giant.

Also Read: Anduril Stock Hits $66.96 Ahead of Pentagon Deal: What’s Next?

Chevron Stock Price, News, Forecast And If It’s A Good Buy Today

Iraq Deal Drives Recent Chevron Stock News

The latest Chevron stock news centers around the company’s return to Iraq after Western energy companies basically abandoned the region due to corruption concerns. This Nasiriyah field development represents part of what you could call a broader Western energy renaissance, with TotalEnergies securing a $27 billion deal and BP landing a $25 billion arrangement.

The situation has been developing for years actually. Back when ExxonMobil was dealing with similar negotiations, a senior energy source based in Baghdad stated:

“There were three key elements that formed the basis of these negotiations [between ExxonMobil and Iraq’s Oil Ministry for the U.S.’s continuation in other projects in the country] — ‘cohesion’, ‘security’ and ‘streamlining’.”

Chevron applies these same principles to their current deal, along with new transparency measures that weren’t available before.

UBS Gets Bullish on the Chevron Stock Forecast

UBS analysts remain pretty optimistic about the Chevron stock forecast right now, raising their price target from $186 to $197 while maintaining an Overweight rating. This represents approximately 20% upside potential from the current consensus price target of $163.95, which is actually quite substantial.

Chevron stock has climbed about 10% in 2025 so far, and the company’s 38-year dividend growth streak establishes it as what’s called a dividend aristocrat. Chevron delivered $5.5 billion to shareholders in Q2 through dividends and buybacks, demonstrating their commitment to returning cash.

Is Chevron Stock A Good Buy Today?

Whether Chevron stock is a good buy today depends on several factors that are playing out right now. The company’s alternative energy investments include renewable diesel production, carbon capture projects, and hydrogen infrastructure development. These low-carbon initiatives actually complement their traditional operations rather than replacing them.

Market conditions support the bullish Chevron stock news outlook at the moment. The CME FedWatch tool shows an 87% probability of September rate cuts, which could stimulate oil demand. Lower rates typically boost manufacturing and transportation activity, both of which are good for energy companies like Chevron.

Technical Outlook for Chevron Stock

Chevron stock formed what’s called a death cross pattern on August 20, but it has been stabilizing since then. The pattern could reverse quickly with continued momentum from the Iraq deal and the UBS upgrade, along with other positive developments.

A significant catalyst awaits in late August when Chevron expects the final ruling on Guyana arbitration with ExxonMobil. This stems from Chevron’s completed merger with Hess in July, which was actually a pretty big deal in the energy sector.

Also Read: Nvidia Doesn’t Include China in Earnings, Should You Buy NVDA?

The Chevron stock forecast looks promising given UBS’s $197 target, strategic Iraq expansion, and strong dividend track record. The company’s dual focus on traditional and alternative energy positions it well for future growth, even as the energy sector continues to evolve.