Chevron Corporation (NYSE:CVX - Get Free Report) insider R. Pate sold 2,400 shares of the stock in a transaction dated Monday, October 19th. The stock was sold at an average price of $225.61, for a total value of $541,464.00. Following the sale, the insider owned 8,791 shares of the company's stock, valued at approximately $1,983,337.51. The trade was a 21.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
R. Hewitt Pate also recently made the following trade(s):
- On Tuesday, October 20th, R. Pate sold 40,700 shares of Chevron stock. The shares were sold at an average price of $226.65, for a total value of $9,224,655.00.
- On Tuesday, August 18th, R. Pate sold 2,470 shares of Chevron stock. The shares were sold at an average price of $205.11, for a total value of $506,621.70.
Chevron Stock Up 0.5%
Shares of Chevron stock opened at $226.81 on Thursday. Chevron Corporation has a one year low of $146.49 and a one year high of $228.48. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.98. The stock's 50-day moving average is $209.37 and its 200 day moving average is $193.91. The firm has a market cap of $448.13 billion, a price-to-earnings ratio of 21.75, a PEG ratio of 0.62 and a beta of 0.53.
Chevron (NYSE:CVX - Get Free Report) last released its earnings results on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, topping the consensus estimate of $5.55 by $0.51. The business had revenue of $67.20 billion during the quarter, compared to analysts' expectations of $62.72 billion. Chevron had a return on equity of 11.09% and a net margin of 9.57%. The firm's revenue was up 57.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.77 earnings per share. Equities research analysts anticipate that Chevron Corporation will post 17.71 EPS for the current year.
Chevron Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th were issued a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date was Wednesday, August 19th. Chevron's dividend payout ratio is presently 68.26%.
Institutional Inflows and Outflows
A number of institutional investors have recently added to or reduced their stakes in CVX. State Street Corp grew its stake in Chevron by 3.9% in the second quarter. State Street Corp now owns 159,136,768 shares of the oil and gas company's stock valued at $28,016,651,000 after acquiring an additional 5,998,852 shares during the period. BlackRock Inc. bought a new stake in shares of Chevron during the second quarter valued at approximately $25,663,729,000. Bank of America Corp DE raised its position in shares of Chevron by 5.1% during the first quarter. Bank of America Corp DE now owns 27,630,227 shares of the oil and gas company's stock worth $5,716,694,000 after purchasing an additional 1,334,976 shares during the period. Bank of New York Mellon Corp acquired a new position in shares of Chevron during the second quarter worth approximately $2,378,114,000. Finally, Amundi raised its position in shares of Chevron by 14.1% during the second quarter. Amundi now owns 13,900,271 shares of the oil and gas company's stock worth $2,304,109,000 after purchasing an additional 1,714,835 shares during the period. 72.42% of the stock is owned by institutional investors and hedge funds.
Key Stories Impacting Chevron
Here are the key news stories impacting Chevron this week:
- Positive Sentiment: Bank of America raised its Chevron price target to $252 from $227, signaling greater confidence in the company’s earnings and cash-flow outlook. Chevron price target raised to $252 from $227 at BofA
- Positive Sentiment: Chevron is reportedly selling older Gulf of Mexico assets to sharpen its focus on higher-priority U.S. Gulf operations. Asset sales could streamline the portfolio, improve capital efficiency and support cash flow, although proceeds and transaction terms remain important. Chevron to sharpen US Gulf focus with sale of older assets
- Positive Sentiment: Elevated oil prices, with Brent crude pushed above $110 by Iran-related supply concerns, have helped Chevron and other integrated oil companies reach 52-week highs by improving the potential value of production and cash generation. Chevron, ExxonMobil Stocks Hit 52-Week Highs
- Positive Sentiment: Investors are watching Chevron’s Venezuela investment for potential production growth toward roughly 600,000 barrels per day. If achieved, the project could add substantial revenue, while relatively low production costs may support long-term profitability. Chevron Is Pouring Billions Into Venezuela
- Neutral Sentiment: Chevron’s production update and upcoming earnings are drawing attention because investors will assess whether higher oil prices and recent operational changes are translating into stronger results. Why Is Chevron in Focus?
- Negative Sentiment: Director R. Pate sold 43,100 Chevron shares for approximately $9.8 million across two transactions. The trades were made under a pre-arranged Rule 10b5-1 plan, reducing their significance as a discretionary bearish signal, but the large reduction in ownership could still weigh modestly on sentiment. Chevron insider trading filing
Analysts Set New Price Targets
Several analysts have recently commented on the stock. Sanford C. Bernstein raised their price objective on shares of Chevron from $204.00 to $209.00 and gave the stock a "market perform" rating in a research report on Monday, August 3rd. Dbs Bank upgraded shares of Chevron to a "moderate buy" rating in a research report on Thursday, August 6th. Morgan Stanley increased their target price on shares of Chevron from $218.00 to $226.00 and gave the stock an "overweight" rating in a research note on Thursday, October 15th. BMO Capital Markets raised their price target on shares of Chevron from $210.00 to $235.00 and gave the stock an "outperform" rating in a report on Thursday, September 3rd. Finally, Zacks Research upgraded shares of Chevron from a "hold" rating to a "strong-buy" rating in a report on Monday, October 5th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Chevron currently has an average rating of "Moderate Buy" and an average target price of $213.96.
Get Our Latest Stock Report on Chevron
About Chevron
(
Get Free Report)
Chevron Corporation (NYSE:CVX) is an integrated energy company engaged in the exploration, development, production, transportation and sale of crude oil and natural gas. Its upstream operations include oil and gas exploration and production, while its downstream business includes refining crude oil, marketing fuels and manufacturing and distributing lubricants, petrochemicals and fuel additives.
The company also invests in lower-carbon businesses and technologies, including renewable fuels, carbon capture and storage, hydrogen and other opportunities intended to reduce emissions from its operations and energy products.
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