Chevron price target lowered to $192 from $196 at Jefferies

Jefferies lowered the firm’s price target on Chevron (CVX) to $192 from $196 but keeps a Buy rating on the shares ahead of the companty’s Q2 results and following its recent discussions with the management. The firm sees the company reporting Q2 EPS of $3.05, which is slightly below consensus, due to upstream / downstream turnarounds and weaker refining margins and realized international gas prices, the analyst tells investors in a research note. Investor focus for the quarter also remains on Hess (HES) arbitration, upstream execution, and Chevron’s return of capital, the firm adds.