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09.12.2019 14:58:40

Chevron stock falls after Citi downgrade

Shares of Chevron Corp. are off 0.8% in premarket trading Monday after Citi Research analyst Alastair Syme downgraded the stock to neutral from buy. He wrote that Chevron has been a "relative safe haven" among energy stocks over the past 14 months while the category underperformed, and that Chevron benefited from a strong balance sheet and clear capital-allocation policy. Now, however, he argues the stock's role as a safe haven might be "overplayed." He's worried that the company's cash return on capital invested and return on equity have fallen by as much as many integrated oil peers this year and that the company is facing cost overruns with its Tengiz project. "Both make us concerned that the market (and indeed the company) are being a little complacent," Syme wrote. He cut his price target to $120 from $135 in conjunction with the downgrade. Chevron shares are up 8.5% so far this year, while the S&P 500 has risen 25%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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