Story updated at 9:50 a.m. to reflect market activity.
Chevron fell -1.2% to $128.66 in morning trading.
The new estimates are lower than consensus estimates of $2.76 for the second quarter and $10.82 for the full year according to analyst Paul Y. Cheng. The lower estimates "reflect lower-than-expected upstream production and lower-than-expected US downstream net income," the analyst wrote.
Barclays maintained its "buy" rating and $130 price target for Chevron.
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Separately, TheStreet Ratings team rates CHEVRON CORP as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate CHEVRON CORP (CVX) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, attractive valuation levels, good cash flow from operations and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had somewhat weak growth in earnings per share."