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Chevron Cut to “Underweight” at JPMorgan (CVX)

Integrated oil giant Chevron Corporation ( CVX ) on Thursday caught a big downgrade by analysts at JPMorgan Chase.

The firm said it lowered its rating on CVX from "Neutral" to "Underweight." JPMorgan noted the move was a valuation call, as the stock is approaching the analyst's $101 price target.

Chevron shares, which closed at $94.66 on Wednesday, posted small losses in premarket trading Thursday.

The Bottom Line

Shares of Chevron ( CVX ) have a 3.30% dividend yield, based on last night's closing stock price of $94.66. The stock has technical support in the $90 price area. If the shares can firm up, we see overhead resistance around the $97-$100 price levels.

Chevron Corporation ( CVX ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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