Chevron shares reached a 52-week high of $225.67 during trading on Monday and closed at $224.45, down 0.24% after a 2.59% gain in the prior session. Investors are positioning ahead of the company’s third-quarter 2026 earnings report due on October 30, while elevated oil prices and production growth support the stock. Wall Street expects a sharp rise in profits driven by higher crude prices, increased output and the Hess acquisition.

Analysts surveyed by Zacks project Chevron will report earnings of $4.73 per share, a 155.68% increase from the same period last year. Revenue is forecast at about $58.88 billion, up 18.4% year over year. Some estimates place the figures slightly higher. The outlook builds on a strong second quarter in which the company posted $12.1 billion in net earnings and adjusted earnings of $6.06 per share.

Chevron reported a 20% year-over-year rise in worldwide production in the second quarter along with record U.S. output. Higher crude oil prices and stronger refining margins contributed to the results. The Hess acquisition has also supported growth. Investors will watch production trends, refining profitability, cash flow, shareholder returns and progress integrating Hess as well as expanding output in Guyana when results are released.

The company returned billions of dollars to shareholders through dividends and buybacks in the second quarter. It has maintained an annual share repurchase target of $10 billion to $20 billion. Shares trade near their highest levels of the year amid the broader energy sector backdrop of elevated oil prices.