Shares of Chevron (CVX) - Get Report  hit new 52-week highs in Thursday's session.

So what's got Chevron running on the day, boosting its gains this week to almost 4%? Analysts at Cowen bumped their price target to $160 from $122, reiterating their outperform rating, TheStreet's Jim Cramer said on CNBC's "Stop Trading" segment.

He asked, "when was the last time we saw a huge price target increase for an oil company?"

Analyst Sam Margolin sees positive developments in Chevron's cash flow and believes the company's Permian business is accelerating. Chevron's cash flow and dividend should support his new price target, Margolin reasons.

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This is the fourth consecutive day we've seen strong gains in the energy sector, Cramer noted. Should the rest of Thursday's session go well, it will have a lot of investors thinking the sector is entering breakout territory. That could be a very bullish factor, as this sector hasn't been able to truly breakout in a few years.

If Chevron stock is able to hold onto its recent gains, Cramer, who also manages the Action Alerts PLUS charitable trust portfolio, speculates that other investors and analysts could come out "of their foxholes" and get behind other energy names.

Hess (HES) - Get Report , a company he recently had on his "Mad Money" TV show, could be another winner if energy continues to do well, he concluded.

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At the time of publication, Cramer's Action Alerts PLUS had no position in any security mentioned.