Shares of most major producers rose after oil touched $90 a barrel for the first time in seven years on Wednesday. Some Wall Street analysts estimate oil could go further and cross $100 per barrel by mid-year.
Chevron shares traded as high as $134.71, above the previous record of $133.60 set in January 2018 before retracing some of the gain and closing at $132.69.
Chevron, the second-largest U.S. oil producer, is expected to post earnings per share of $3.12 in the fourth quarter, according to 19 investment analysts polled by Refinitiv, compared with a 20-cent loss a year ago.
"Higher commodity prices would be a major positive for upstream segment," Credit Suisse analyst Manav Gupta wrote in a report this month.
Analysts on average set a price target of $137.29 per share, according to Refinitiv data. Three out of 32 analysts polled by Refinitiv have upgraded Chevron since October from "hold" to "buy."
(Graphic: Chevron hits record high, 
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(Reporting by Sabrina Valle; Editing by Leslie Adler and Marguerita Choy)
By Sabrina Valle
