Chevron (NYSE:CVX) Downgraded by Standpoint Reserach to "Hold"

Chevron (NYSE:CVX) was downgraded by Standpoint Research from "Buy" to "Hold," citing valuation.

Standpoint said, "CVX, market cap $168 bln, is now fairly valued at 1.8X book value, 9X earnings and 8X peak earnings. The shares are closing in on the July 2008 high. On the two-year chart CVX is +14% even though crude is down 7%. Our main concern is that these low-beta shares have run up 24% since our July 1 recommendation, topping the S&P-500 by > 1100 bps. This Energy and Materials trade looks a bit crowded to us and we want to lighten up here."

Chevron closed Wednesday at $83.89, gaining $0.50, or 0.60 percent.