Chevron price target lowered to $192 from $195 at Morgan Stanley

Morgan Stanley analyst Devin McDermott lowered the firm’s price target on Chevron to $192 from $195 and keeps an Equal Weight rating on the shares after updating commodity assumptions to account for Q1 actuals and Q2 strip. Across the firm’s coverage, WTI oil prices are declining 1% in Q1 to reflect actuals and 23% in Q2 to align with the strip. For natural gas, the firm updated Henry Hub downward 13% for Q1 actuals and down 24% on average for the remainder of the year to align with the strip.