Chevron Corp. (CVX - Get Report) shares fell 0.61% to $126.18 in mid-afternoon Friday trading even after an analyst at Mizuho Securities USA LLC upgraded his recommendation on the stock to a "buy." Most oil and gas stocks in the S&P 500 also fell, according to Bloomberg data.

Mizuho's Paul Sankey increased his price target for Chevron to $145, a 14% higher than its current price. He expects Chevron to show  6% annual growth in oil production through 2020, fueled by the company's four oil and natural gas "mega-asset areas" in the Permian Basin, the Gulf of Mexico, Kazakhstan and Northwest Australia, according to his note.

Analysts have a consensus "buy" rating on Chevron with 17 holding a buy or an equivalent recommendation compared with seven who advise investors to hold the stock.

Oil stocks are down a day after news that Venezuela's exporting issues - reports claim the country is close to a month behind deliveries - led to a 1.4% increase in crude oil prices after markets closed Thursday.

West Texas Intermediate crude fell 0.47% to $65.66 barrel while Brent crude futures are down 1.2%, trading at $76.39. Venezuela has battled unsuccessfully to curb its declining oil production. GlobalData, an analysis and data provider, estimates Venezuela will produce 1 million barrels a day by the end of 2018, down from the 3 million barrels a day it produced in 2011.

President Trump asked Saudi Arabia and other OPEC members earlier this week to raise oil output by 1 million barrels a day as average regular gas prices have hovered around the $3 a gallon mark for the first time since 2014, according to Statista, but it's unclear whether OPEC will comply with Trump's request.

OPEC members will meet in Vienna on June 22 for their annual meeting and are expected to discuss possible production increases.