What happened
The gloom hanging over Chevron's (CVX 0.75%) stock didn't evaporate on Monday. The energy giant's shares fell by almost 3% in price on a day when the S&P 500 index lost a comparatively modest 1.3%. Investors were still glum about the company's latest earnings release, a mood that was darkened by a pair of analyst price target cuts.
So what
On Frida, Chevron reported its final quarter of 2022 results. The company missed net earnings by a wide chalk, and the market did not react with understanding or sympathy. This, despite the fact that the energy incumbent beat convincingly on revenue and notched a new all-time high for annual operating cash flow (of almost $50 billion, an astounding figure by any measure).
But the earnings miss was the development that most stuck in the minds of not a few investors and several analysts. Before market open on Monday, Morgan Stanley's Devin McDermott made a slight downward adjustment to his Chevron price target to $195 per share from the preceding $197. He's keeping his lukewarm equalweight (hold, in other words) recommendation on the stock.
Another trimmer was Raymond James prognosticator John Freeman, who snipped $3 off his level to $212 per share. At least Freeman is still in the bullpen; he maintained his outperform (buy) recommendation on Chevron.
Now what
Oil and gas industry investors are a tough crowd these days. Not even the massive new $75 billion (yes, that's billion with a "B") share buyback Chevron announced, along with its results, is stirring those bears. The market's expecting more from the company and likely won't be too pleased until it delivers.
