Morgan Stanley expects lower Street estimates for Chevron


Morgan Stanley maintains its Overweight rating and $135 price target for Chevron (CVX -1.5%) after the company forecasts a drop in Q1 profits, but the firm cuts its Q1 EPS estimate to $2.30 vs. $2.68 prior and $2.75 Wall Street consensus.

Drivers for the earnings cut include lower U.S. volumes vs. expectations for a modest increase, weaker international production volumes due to maintenance activity in Kazakhstan and Canada, and lower international refining crude throughput due to higher maintenance activity.

Despite holding a leading acreage position in the Permian Basin (~2M acres), CVX's U.S. crude volumes are down 5% Y/Y.

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Comments (3)
  • Tradevestor
    , contributor
    Comments (5011) | Send Message
     
    Ha, a price target that is still a good 15% away, and a dividend that is to be increased end of this month, yield at 3.4%. Downgrade it more please
    10 Apr 2014, 11:58 AM Reply Like
  • BAHAMAS1
    , contributor
    Comments (5095) | Send Message
     
    Agree.
    Just bot more.
    10 Apr 2014, 12:12 PM Reply Like
  • Patient Value
    , contributor
    Comments (103) | Send Message
     
    keep it coming!
    10 Apr 2014, 05:56 PM Reply Like
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