Dahlman Rose initiated coverage on Chevron CVX with a Hold rating.
Dahlman Rose noted, "We like CVX's solid Brent leverage and leading upstream profitability. However, two major LNG projects ($66 Bn) are key areas of near-term risk. Flattish production and diminishing free cash flow (while capex is peaking) particularly in a less robust oil price environment create headwinds. Our rating is Hold."
Chevron closed at $112.45 on Wednesday.
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