Chevron Earnings Depressed Until Current Market Conditions Improve


UBS Cuts rating for Chevron Corp from Buy to Neutral.

“Our downgrade reflects the share reaching near our price target and reflecting our 2021 scenario of an oil price recovery to $47.50/bbl. This comes after outstanding share price performance in context – shares are down only 22% YTD versus global major peers down an average 38% (12 month comparison 22% vs.41%) and Brent down ~55%. This speaks to the leading reputation for capital discipline and the highly resilient, yet flexible financial model that CVX is running.”