Jefferies Sees Chevron Corporation Navigating Rough Waters

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In a report published Monday, Jefferies analyst Jason Gammel reiterated a Buy rating and $125.00 price target on
Chevron CorporationCVX
. In the report, Jefferies noted, “Chevron has taken significant steps to preserve cash in the oil price downturn. It has suspended its share repurchase program and reduced its capital expenditure budget by 12% to $35b in 2015. Chevron's 4Q14 adjusted EPS of $1.31 was 20% below the consensus of $1.65 and 18% below our $1.60 estimate. Upstream results of $1.9b were $1b less than we expected, accounting for a -$0.51/sh variance. Chevron's global upstream margin of $7.91/bbl captured only 10.4% of the Brent oil price; we had been estimating a margin capture of 16% of Brent.” Chevron Corporation closed on Friday at $102.53.
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Posted In: Analyst ColorReiterationAnalyst RatingsJason GammelJefferies
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