XOM Or CVX? Wall Street Sees More Upside In One Oil Major

• Analysts on Wall Street have a 12-month average price target of $168.32 for XOM shares, indicating an upside potential of about 5% from its last close.
• The 12-month average price target on Chevron shares of $214.87 indicates an upside potential of about 9.5%.
• The forward price-to-earnings (P/E) ratio of CVX is also more attractive than XOM’s.

As oil prices edge higher amid intense global uncertainty stemming from the war between the U.S. and Iran, energy stocks are back in focus.

Exxon Mobil Corp. (XOM) and Chevron Corp. (CVX) are two of the largest and most prominent American oil majors that stand to gain from the rally in energy markets, as crude oil prices remain above $100 a barrel.

While both companies offer exposure to the oil trade, Wall Street consensus estimates suggest that one of these stocks may be the better bet, even as retail interest in both continues to grow.

Exxon Mobil Delivers Strong Q1 Results

The Spring, Texas-based oil giant has a strong upward trajectory this year in light of the global oil supply disruptions due to the blockage of the Strait of Hormuz. XOM stock has risen more than 30% in 2026 alone, hitting an all-time high of $176.41 at the height of the crisis in late March.

In its latest earnings report, Exxon posted revenues of $85.14 billion, surging past Wall Street expectations of $81.13 billion, and reported adjusted earnings of $1.16 per share despite a $700 million hit on closed hedges due to the war in the Middle East.

Profit was driven by higher crude prices and record production in Guyana, where the company said net production in the first quarter set a new quarterly record of over 900,000 gross barrels per day.

The company said that since 2019, it has removed more than $15 billion in structural costs, and expects this to reach $20 billion by 2030. Exxon also posted strong cash flow from operations of $8.7 billion for the quarter.

Chevron Offloaded By Berkshire Hathaway

Chevron, which is headquartered in Houston, has also climbed significantly in 2026, rising nearly 26% so far this year.

In its first-quarter (Q1), the company’s adjusted earnings per share of $1.41 beat analyst expectations, although revenues of $48.61 billion missed estimates. The softer top-line performance comes amid ongoing headwinds for operations, including war-related production disruptions and specific asset legal charges. The company’s shares also touched an all-time high around March.

However, last week, Berkshire Hathaway Inc. said that it had sold about $8 billion worth of Chevron shares in the first quarter, reducing its position by about a third.

Wall Street Stance On XOM, CVX

Analysts on Wall Street have a 12-month average price target of $168.32 on XOM shares, indicating an upside potential of about 5% compared to its last close, as per Koyfin data. Of the 25 analysts covering the stock, 11 have a ‘Buy’ or higher rating on the shares, while 13 have a ‘Hold’ rating and one analyst has a ‘Sell’ rating.

Meanwhile, the platform’s data shows that the 12-month average price target of $214.87 on Chevron shares indicates an upside potential of about 9.5%, signaling that Wall Street sees CVX shares having more room to grow. Of the 25 analysts covering the stock, 18 have a rating of ‘Buy’ or higher.

The forward price-to-earnings (P/E) ratio of CVX is also more attractive than XOM’s. According to data from Koyfin, CVX has a forward P/E ratio of 12.6x, while XOM has a forward P/E ratio of 13.3x, suggesting that investors are paying slightly less for Chevron’s expected future earnings.

Retail Stance On XOM, CVX

On Stocktwits, retail sentiment around XOM stock was in the ‘bearish’ territory amid ‘high’ message volumes at the time of writing. Platform data also shows that retail chatter jumped by more than 230% over 24 hours.

Meanwhile, retail sentiment around CVX stock improved from the ‘bearish’ to ‘neutral’ territory, even as retail chatter jumped 300% in a day.

On Light, Sweet Crude Oil Futures (CL_F), retail sentiment was in the ‘bearish’ territory amid ‘high’ message volumes.

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