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Fly News Breaks for October 15, 2019
CVX
Oct 15, 2019 | 07:18 EDT
Cowen analyst Jason Gabelman sees downside to Chevron earnings due to higher upstream planned maintenance during the quarter in high margin regions in addition to the Hibernia outage. The analyst said the company also had higher downstream maintenance that could have affected its ability to capture strong US West Coast refining margins in September. With its recent weakness, Gabelman believes there is a buying opportunity. Gabelman maintained his Outperform rating and $140 price target on Chevron shares.