Chevron Report Third Straight Quarterly Loss But Maintains Dividend

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  • #25359
    ThePitBoss
    Participant

    hevron reported worse than expected fourth quarter earnings…

    [article]2326[/article]

    #25773
    ThePitBoss
    Participant

    Goldman downgraded Chevron (CVX) to Neutral from Buy after multiple years of outperformance versus global majors, particularly since 2016. Firm continues to have a positive view of the balance sheet, dividend sustainability, growth outlook in the Permian, and free cash flow from the Australia LNG assets.

    That said, firm shows in the note that CVX trades at premium to peers on a variety of metrics including EV/DACF, P/E, and FCF yield. While not in their base case, firm recognizes the Tengiz project in Kazakhstan still faces potential upward pressure from construction cost.

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