Chevron at Good Entry Point

Chevron Corp.'s (CVX - Analyst Report) 4th-quarter earnings came in below the year-earlier level, weighed down by sharply lower oil and gas prices. Upstream profits dropped nearly 35%, partly offset by improved results from the
company s refining and marketing business.

Looking ahead, Chevron plans to continue with its active exploration and development program, keeping its 2009 capex budget unchanged from the year-earlier level at $22.8 billion.

We are keeping our Buy recommendation unchanged, though we have lowered our 2009 estimate ($5.89 vs. $10.15) to reflect the challenging commodity-price environment. We have also introduced our 2010 estimate at $9.30 per share. Our current 12-month target price is $90 per share.

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