Chevron downgraded to Sector Perform from Outperform at Scotiabank

Scotiabank downgraded Chevron (CVX) to Sector Perform from Outperform with a price target of $170, down from $175. The firm is updating ratings and price targets across its coverage alongside its newly published commodity price deck, notes the analyst, who points out that Chevron now ranks 12 out of the 16 major oil companies under coverage, or 12 out of 14 if when excluding Hess (HES) and Pioneer (PXD), which are being acquired. The firm also thinks shares will be unlikely to outperform in the near term until there is concrete evidence that there will be no more hiccups at the TCO project and the project will be onstream according to the latest revised budget and schedule.