UPDATE: Dahlman Rose Initiates Chevron at Hold on Near-Term Risk

Dahlman Rose initiated coverage on Chevron

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.