Analysts at Goldman Sachs on Tuesday downgraded shares of Chevron Corp. CVX, -0.29% to their equivalent of hold, from buy, saying that after years of outperformance their upside is limited. “We continue to have a positive view of the balance sheet, dividend sustainability, growth outlook in the Permian, and free cash flow from the Australia LNG assets,” they said. But Chevron trades at a premium compared with peers and construction of its Tengiz project in Kazakhstan could become costlier, the analysts said. Shares of Chevron have gained 30% in the past 12 months, compared with gains of around 53% for the S&P 500 index. SPX, +0.16%
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