The Benchmark Company said they're lowering their target prices on Chevron (NYSE:CVX) and Total (NYSE:TOT), based on the "weakness in the overall equity market," along with a "gas-price-related reduction in" their "normalized liquid-natural-gas earnings estimate."
Chevron's price target was dropped from $98 to $94 a share, and Total's target price was lowered from $68.74 a share to $58.55 a share.
Benchmark maintained their "Buy" rating on Chevron, basing it on their "unchanged belief that the discounted normalized earnings-multiple valuation currently in place is unjustifiable given the superior strength and growth potential of the Company's robust and diversified upstream portfolio."
They also reiterated their "Buy" rating on Total, saying, "We reaffirm our Buy rating based upon our unchanged belief that the discounted normalized earnings-multiple valuation currently in place is unwarranted given the superior growth and return potential of the company's robust and highly diversified upstream portfolio."
Benchmark kept their "Market Weight" on the overall integrated major oil sector.
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