Shares of U.S. oil major Chevron Corp. on Jan. 26 touched an all-time high intraday amid a strong stock market rally and ahead of the release of Chevron’s fourth-quarter financial results on Jan. 28.

Shares of most major producers rose after oil touched $90/bbl for the first time in seven years on Jan. 26. Some Wall Street analysts estimate oil could go further and cross $100/bbl 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.”

Additionally, Chevron on Jan. 26 raised its quarterly dividend by 8 cents to $1.42 per share, making the company one of the latest U.S. oil and gas companies to raise quarterly dividends as a rebound in fuel demand drives energy prices higher. Marathon Oil Corp. also raised it by 16.7% to 7 cents per share on Jan. 26.