Chevron Stock Just Broke Through Resistance Levels in an Epic Move Higher. Should You Buy CVX Now?

Core Viewpoint - Chevron (CVX) shares have gained traction following the U.S. administration's military action in Venezuela, which is perceived as a favorable opportunity for U.S. oil companies [1][3]. Group 1: Stock Performance - Chevron's stock has broken above its major resistance level at $154, indicating bullish momentum in the near term [1]. - Despite the recent rally, Chevron's stock is still down approximately 5% from its 52-week high [2]. Group 2: Strategic Positioning - As the only major U.S. oil producer with ongoing operations in Venezuela, Chevron is well-positioned to lead reconstruction efforts in the country post-conflict [3]. - The anticipated regime change is expected to lift sanctions, allowing Chevron to recover billions in past debts, thereby enhancing its balance sheet significantly [3][4]. Group 3: Production Potential - Access to Venezuela's extensive oil reserves could substantially increase Chevron's production from the current level of 250,000 barrels per day [4]. Group 4: Analyst Ratings and Price Targets - Citi analysts have maintained a "Buy" rating on Chevron, projecting that the stock could reach $179 in the near term, indicating a potential upside of 10% from current levels [5]. - The consensus rating for Chevron stock is currently "Moderate Buy," with price targets reaching as high as $206, suggesting a potential upside of 26% [8]. Group 5: Dividend Yield - Chevron offers a dividend yield of over 4%, making it an attractive long-term investment option [6].