Chevron price target lowered to $169 from $211 at Argus

Argus lowered the firm’s price target on Chevron (CVX) to $169 from $211 and keeps a Buy rating on the shares. The pending acquisition of Hess by Chevron is facing delays due to an arbitration dispute with ExxonMobil and China National Offshore Oil Corporation, CNOOC, over Hess’ 30% stake in Guyana’s Stabroek oil block, the analyst tells investors in a research note. The firm also cites the company’s lower earnings which reflected lower commodity price realizations, lower margins on refined product sales, and the absence of prior-year favorable tax items.