BusinessWeek - Mar 10, 2010Chevron Corp (CVX)
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Doug Leggate
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Banc of America/Merrill LynchChevron Corp.: Bank of America Merrill Lynch analyst Doug Leggate lowered his rating on shares of Chevron Corp ( CVX ) to neutral from buy on Mar. 10. In a note, Leggate said that in the near term, production for the second largest U. S energy company looks "flat"; the improving margin trend vs the company's peers is "largely done", while "elevated" capital spending over the next few years would "challenge" relative returns. "Oil leverage differentiates
CVX," the analyst wrote, "but only the conviction that prices move higher drives upside vs peers and is reflected in [the stock's] relative performance within the [oil majors] group". Regarding Chevron's refining and marketing business, Leggate said reducing refining exposure "is likely welcomed ..[c]urrent downstream weakness is probably priced in [to the stock] while any reward for paring exposure at the low of the cycle may be limited"
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<span class="sent">Chevron Corp.: Bank of America Merrill Lynch analyst <span class="analyst">Doug Leggate</span> lowered his rating on shares of Chevron Corp ( <span class="company">CVX</span> ) to neutral from buy on Mar. 10.</span> In a note, Leggate said that in the near term, production for the second largest U. S energy company looks "flat"; the improving margin trend vs the company's peers is "largely done", while "elevated" capital spending over the next few years would "challenge" relative returns. "Oil leverage differentiates <span class="company">CVX</span>," the analyst wrote, "but only the conviction that prices move higher drives upside vs peers and is reflected in [the stock's] relative performance within the [oil majors] group". Regarding Chevron's refining and marketing business, Leggate said reducing refining exposure "is likely welcomed ..[c]urrent downstream weakness is probably priced in [to the stock] while any reward for paring exposure at the low of the cycle may be limited"....<span class="sent">Chevron Corp.: Bank of America Merrill Lynch analyst <span class="analyst">Doug Leggate</span> lowered his rating on shares of Chevron Corp ( <span class="company">CVX</span> ) to neutral from buy on Mar. 10.</span> In a note, Leggate said that in the near term, production for the second largest U. S energy company looks "flat"; the improving margin trend vs the company's peers is "largely done", while "elevated" capital spending over the next few years would "challenge" relative returns. "Oil l
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