Insider Selling: Chevron (NYSE:CVX) Director Sells 380,000 Shares of Stock

Chevron Corporation (NYSE:CVX) Director John Hess sold 380,000 shares of the business’s stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the completion of the sale, the director directly owned 278,045 shares of the company’s stock, valued at $53,718,294. The trade was a 57.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Chevron Stock Performance

Shares of NYSE CVX traded up $0.50 during midday trading on Friday, hitting $191.51. The company’s stock had a trading volume of 7,204,475 shares, compared to its average volume of 12,211,392. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.84 and a current ratio of 1.09. The firm’s fifty day moving average price is $193.55 and its 200-day moving average price is $174.48. Chevron Corporation has a 1-year low of $134.06 and a 1-year high of $214.71. The firm has a market cap of $381.42 billion, a P/E ratio of 33.19, a P/E/G ratio of 0.64 and a beta of 0.51.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.41. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The firm had revenue of $47.56 billion for the quarter, compared to the consensus estimate of $51.86 billion. During the same period last year, the firm posted $2.18 EPS. Chevron’s quarterly revenue was up 2.1% compared to the same quarter last year. On average, sell-side analysts forecast that Chevron Corporation will post 15.43 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th will be given a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date is Tuesday, May 19th. Chevron’s dividend payout ratio is currently 123.40%.

Institutional Investors Weigh In On Chevron

Several institutional investors and hedge funds have recently added to or reduced their stakes in CVX. Vanguard Group Inc. boosted its stake in Chevron by 17.9% during the 3rd quarter. Vanguard Group Inc. now owns 183,790,028 shares of the oil and gas company’s stock valued at $28,540,753,000 after purchasing an additional 27,961,463 shares during the period. State Street Corp boosted its position in shares of Chevron by 9.1% in the third quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company’s stock valued at $23,698,184,000 after acquiring an additional 12,789,399 shares during the period. Berkshire Hathaway Inc grew its stake in shares of Chevron by 6.6% in the fourth quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company’s stock worth $19,837,131,000 after acquiring an additional 8,091,570 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Chevron by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 43,613,011 shares of the oil and gas company’s stock worth $6,620,187,000 after acquiring an additional 134,890 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Chevron by 2.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 36,036,844 shares of the oil and gas company’s stock worth $5,492,377,000 after acquiring an additional 961,341 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on CVX shares. Citigroup lifted their price target on Chevron from $210.00 to $235.00 and gave the stock a “buy” rating in a research note on Thursday, April 2nd. Tudor Pickering raised shares of Chevron from a “hold” rating to a “buy” rating and set a $225.00 target price on the stock in a research report on Thursday, April 9th. Morgan Stanley boosted their price target on shares of Chevron from $212.00 to $214.00 and gave the company an “overweight” rating in a report on Friday. Scotiabank upped their price target on shares of Chevron from $168.00 to $187.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 22nd. Finally, Bank of America raised their price objective on shares of Chevron from $188.00 to $206.00 and gave the stock a “buy” rating in a research note on Monday, March 2nd. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $204.22.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Higher crude prices are improving Chevron’s earnings outlook and cash flow potential, especially for its Permian operations and associated gas production. More Gas Per Barrel of Oil: A Growth Lever for Permian Operators
• Positive Sentiment: Morgan Stanley lifted its price target on Chevron to $214 and maintained an overweight rating, reinforcing a constructive Wall Street view. Benzinga / The Fly analyst update
• Neutral Sentiment: Chevron announced a fireside Q&A at Bernstein’s strategic conference next week, which is routine investor-relations activity and not a major business update. Advisory: Chevron to Participate in Fireside Q&A at Bernstein 42nd Annual Strategic Decisions Conference
• Neutral Sentiment: Chevron introduced next-generation Techron gasoline additive, a product refresh that is supportive of the brand but unlikely to move the stock on its own. Chevron Introduces Next-gen Techron in U.S. Chevron and Texaco Gasolines
• Negative Sentiment: Governor Newsom’s call for Californians to avoid Chevron adds political and reputational pressure, potentially weighing on sentiment around the stock. Gavin Newsom takes rare step of telling Californians to avoid Chevron

Chevron Company Profile

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.