J.P. Morgan Reiterates Underweight Rating on Chevron

According to J.P. Morgan, Chevron (NYSE: CVX) Underweight rating is maintained.

J.P. Morgan said that UW-rated Chevron (CVX) released its 4Q11 interim update, highlighting key operating and market factors likely to impact 4Q11 results, scheduled for release on 27 January. “Although we still expect CVX to meet its 1%/yr average production growth guidance through 2014E, as none of the drivers of lower 2011E volumes seem to indicate longer-term issues, we believe lower production and EPS expectations may weigh on investor sentiment in Thursday's trading.”

Chevron closed yesterday at $107.77.