Bank of America warned Chevron might not post a big gain like 2022. Analyst Doug Leggate downgraded the stock to neutral from buy on Friday. His $191 price target implies a gain of just 9%. Shares jumped more than 50% in 2022 as energy prices skyrocketed following Russia’s invasion of Ukraine. Leggate said another year is unlikely to see a sharp rise in prices with Brent crude futures expected to trade around $80 a barrel. “Simply put, we consider CVX a victim of its own success – but with a deviation of <10% from our fair value estimate, we believe the rating is a good fit. relative to its North American peers is Neutral," Leggate said in a note to clients. However, Leggate said Chevron leads oil producers in terms of capital discipline and has been able to undertake large-scale projects after oil prices fell in 2015. The company has a legacy, he said. in the Permian Basin in the US Southwest, with a favorable royalty position helping to improve profitability, he also said the acquisition of Noble Energy will "enhance long-term production with options built around exploration activities in the area. However, management is seen as increasingly leaning towards mergers and acquisitions to support dividends, he said. Leggate said the absence of significant long-term growth in cash flow would put a ceiling on the price. Meanwhile, Leggate named Exxon Mobil its flagship idea in the field for 2023. — CNBC's Michael Bloom contributed to this report.