Is Chevron Stock Worth More Than Its Competitors?

Chevron (CVX) stock currently trades at 21.5 times earnings, giving it the second-highest P/E among a peer group of six oil and gas companies. Yet the stock recorded the smallest gain in that group after rising 53.7% over the year to October 16, 2026. Three refiners in the same peer group saw their shares more than double during that period. So what does Chevron deliver for a price near the top of its group.