Raymond James lowered the firm’s price target on Chevron (CVX) to $161 from $175 and keeps an Outperform rating on the shares. The firm lowered Q1 estimates for its Big Oil coverage to reflect Q1 commodity price actuals, the analyst tells investors in a research note. The quarter was helped by fairly steady oil prices and solid natural gas prices, although both have since seen major downside volatility, but downstream operations continue to face headwinds, the firm says.
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