JP Morgan trims Chevron Q3 profit estimate on share dilution from Hess deal

** J.P. Morgan cuts its Q3 profit estimate for Chevron CVX to $1.72 per share from a prior forecast of $1.85

** JPM says Chevron's EPS is expected to fall about 3% sequentially from $1.77 in Q2, largely due to a roughly 13% rise in share count after completing the Hess acquisition

** While the deal adds about 3.5% to net income, that boost is outweighed by dilution, JP Morgan says

** Brokerage forecasts Q3 upstream earnings of about $3.07 billion, up from $2.85 billion in Q2, driven by the Hess contribution, slightly higher crude oil realizations, lower maintenance activity, and increased production in the Permian, Anchor and Leviathan fields

** As of last close, stock up ~5% YTD