Citi Discusses Chevron's Earnings (CVX)

Citi Investment Research is out with a research report this morning discussing Chevron's

interim earnings report. It has a Buy rating, and a $98 price target on shares. In the research note, Citi writes, "In its interim earnings report today, CVX stated it expects 3Q earnings to be lower versus 2Q. Reported earnings in 2Q were $2.70 per share, or $2.53 p/s after adjusting for FX ($-$0.12 p/s) and downstream timing (-$0.05 p/s). We currently estimate EPS of $2.28 for the third quarter, in-line with CVX guidance. CVX has stated it expects negative FX impacts of ~$400 million in 3Q and corporate costs between $250 and $350 million." Shares of CVX gained 13 cents yesterday to close at $83.84.