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CHEVRON STOCKS FALL ON RATING DOWNGRADE -

10-Jun
20:38 IST

Chevron Corp.’s stock is currently trading at 97.99-lower by 3.48% as compared to the previous closing price. In the pre-market trading session, the stock was trading lower by 1%. The stock has continued falling after the opening bell.

Investment bank RBC Capital downgraded the energy company’s stock to Underperform from Sector Perform with a $100 per share price target. The investment bank’s target price represents a potential downside of 1.51% from the previous closing price of Chevron. RBC Capital downgrades Chevron’s rating citing the energy company’s premium valuation which leaves little room for further outperformance.

The investment bank also said that the energy company has firmly positioned itself as the safe haven in the sector with a flexible capex profile along with a robust balance sheet standing out versus many peers, but the current premium valuation is at multi-year highs. The energy company reported its first-quarter earnings on the 1st of May. Chevron generated an EPS of $1.29 for the quarter. The EPS was above the market expectation of 68 cents. Stocks of Chevron have fallen about 19% Year-to-date.

On the technical front, the RSI is currently at 56.59% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is above the middle line of the Bollinger bands but is heading downwards.

Overall Bias is Negative and short-term trades can be initiated with tight Stop Loss and Profit target.

 

TRADE SUGGESTION- LIMIT SELL AT 98.40 TAKE PROFIT AT 97.00 STOP LOSS AT 99.10

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12-May
20:36 IST

Chevron Corp.’s stock is currently trading at 92.79-lower by 0.76% as compared to the previous closing price.

Investment bank UBS earlier today downgraded the energy company’s stock to neutral from buy. The investment bank currently has a $95 per share price target on stocks of Chevron. The investment bank’s target price represents a potential upside of 1.60% from the previous closing price of Chevron. UBS downgrades the company’s rating as the stock is reaching the investment bank’s price target. The stock is also reflecting UBS’ next year scenario of crude price recovery to $47.50 per barrel.

Stocks of Chevron performed much better as compared to its major global peers. Stocks of the energy company have fallen about 23% year to date while stocks of major global peers are down 38% on an average so far this year. The energy company reported its first-quarter earnings on 1st of May. Chevron generated an EPS of $1.29 for the quarter. The EPS was above the market expectation of 68 cents.

On the technical front, the RSI is currently at 56.34% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is above the middle line of the Bollinger bands but is heading downwards.

Overall Bias is Negative and short-term trades can be initiated with tight Stop Loss and Profit target.

 

TRADE SUGGESTION- LIMIT SELL AT 92.84 TAKE PROFIT AT 92.08 STOP LOSS AT 93.22

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