Mizuho lowered the firm’s price target on Chevron (CVX) to $195 from $215 and keeps a Buy rating on the shares. In addition to a “relatively surprising” Hess Corp. (HES) acquisition, Chevron missed earnings estimates on timing impacts and one-time charges, while also delaying the startup of the Future Growth Project to 2025 and increasing the cost by 3%-5%, the analyst tells investors in a research note.
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