Shares of Chevron Corp. /zigman2/quotes/205871374/composite CVX +0.33% rose 0.9% in morning trading Monday, after UBS analyst Jon Rigby turned bullish on the oil and gas giant for the first time in 1 1/2 years, saying the oil upcycle is not yet reflected in the share price. Rigby raised his rating to buy, after being at neutral since May 2020, while boosting the stock price target to $125 from $110. Chevron's stock hasn't traded as high as $125 since September 2019. The company comes as crude oil futures /zigman2/quotes/209723049/delayed CL00 +1.56% have run up 16.4% over the past three months and 64.2% year to date, amid concerns over rising demand at a time of tight supplies. "Within the universe of Integrated Majors, [Chevron] has one of the highest relative oil price sensitivities by virtue of its business mix," Rigby wrote in a note to clients. "The central theme of our updated forecasts is tight oil markets as post-COVID demand recovers but supply is constrained by a multi-year shortfall in investment and continuing industry caution in responding to price signals." Chevron's stock has hiked up 36.5% year to date while the SPDR Energy Select Sector ETF /zigman2/quotes/206420077/composite XLE +0.40% has rallied 51.7% and the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -1.51% has gained 18.3%.