Key Points
- Chevron CTO Thomas Ryder Booth sold 6,000 shares at an average $212.14, worth about $1.27 million, reducing his direct holding by 50% to 6,000 shares. The sale was disclosed in an SEC filing.
- Chevron’s latest quarterly results beat estimates: EPS was $5.28 versus $4.87 expected, and revenue reached $65.24 billion, up 36.3% year over year.
- The company announced a quarterly dividend of $1.78 per share, equivalent to $7.12 annually and a 3.2% yield. Shares were trading up 1.5% at $219.56 on Friday.
Chevron Corporation (NYSE:CVX - Get Free Report) CTO Thomas Booth sold 6,000 shares of the firm's stock in a transaction that occurred on Wednesday, November 11th. The shares were sold at an average price of $212.14, for a total transaction of $1,272,840.00. Following the completion of the sale, the chief technology officer directly owned 6,000 shares of the company's stock, valued at approximately $1,272,840. This represents a 50.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.
Chevron Trading Up 1.5%
CVX stock traded up $3.21 during trading on Friday, hitting $219.56. The company had a trading volume of 7,573,015 shares, compared to its average volume of 8,354,031. The company has a quick ratio of 1.07, a current ratio of 1.34 and a debt-to-equity ratio of 0.16. The firm has a 50-day moving average price of $215.49 and a 200-day moving average price of $195.58. Chevron Corporation has a 12 month low of $146.49 and a 12 month high of $236.48. The stock has a market cap of $431.52 billion, a price-to-earnings ratio of 16.06, a PEG ratio of 0.50 and a beta of 0.47.
Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings data on Friday, October 30th. The oil and gas company reported $5.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.87 by $0.41. The firm had revenue of $65.24 billion for the quarter, compared to the consensus estimate of $61.82 billion. Chevron had a return on equity of 14.49% and a net margin of 11.56%. The business's revenue for the quarter was up 36.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.85 EPS. As a group, analysts predict that Chevron Corporation will post 18.64 earnings per share for the current year.
Chevron Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Wednesday, November 18th will be given a dividend of $1.78 per share. The ex-dividend date is Wednesday, November 18th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.2%. Chevron's payout ratio is presently 52.08%.
Institutional Trading of Chevron
A number of institutional investors have recently bought and sold shares of the business. Ankerstar Wealth LLC grew its holdings in Chevron by 58.1% during the 3rd quarter. Ankerstar Wealth LLC now owns 2,365 shares of the oil and gas company's stock worth $483,000 after acquiring an additional 869 shares during the period. Entropy Technologies LP acquired a new position in shares of Chevron in the 3rd quarter valued at $2,447,000. Flputnam Investment Management Co. lifted its stake in shares of Chevron by 3.9% in the 3rd quarter. Flputnam Investment Management Co. now owns 105,712 shares of the oil and gas company's stock valued at $21,587,000 after purchasing an additional 3,939 shares during the period. Perennial Investment Advisors LLC lifted its stake in shares of Chevron by 4.9% in the 3rd quarter. Perennial Investment Advisors LLC now owns 17,565 shares of the oil and gas company's stock valued at $3,586,000 after purchasing an additional 823 shares during the period. Finally, L2 Asset Management LLC boosted its position in shares of Chevron by 7.0% in the 3rd quarter. L2 Asset Management LLC now owns 11,672 shares of the oil and gas company's stock worth $2,384,000 after purchasing an additional 761 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.
Key Chevron News
Investors following CVX have been watching these news items:
- Positive Sentiment: Chevron plans to restart its Ralston, Iowa, biodiesel facility, restoring nearly 42 million gallons of annual capacity. A feedstock agreement with Landus Cooperative supports the restart and the company’s renewable-fuels business. Article: What's Going on with Chevron Shares on Friday?
- Positive Sentiment: Recent quarterly results showed the strength of Chevron’s integrated business: adjusted profit nearly tripled to $10.4 billion, with refining earnings rising 333% and refinery utilization at 98%. The strength came despite production declining 2.6%. Article: Chevron's Production Fell. Its Profit Nearly Tripled.
- Neutral Sentiment: Barclays raised its price target from $244 to $248 but kept an “equal weight” rating, while Sanford C. Bernstein lowered its target from $248 to $233 and maintained “market perform.” The differing updates indicate mixed analyst sentiment.
Analyst Upgrades and Downgrades
Several brokerages have recently issued reports on CVX. BMO Capital Markets upped their price target on Chevron from $210.00 to $235.00 and gave the company an "outperform" rating in a research note on Thursday, September 3rd. Argus lifted their price objective on Chevron from $206.00 to $211.00 and gave the stock a "buy" rating in a research report on Tuesday, August 11th. JPMorgan Chase & Co. lifted their price objective on Chevron from $190.00 to $222.00 and gave the stock an "overweight" rating in a research report on Monday, August 3rd. Wall Street Zen raised Chevron from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Finally, The Goldman Sachs Group restated a "buy" rating and set a $241.00 target price on shares of Chevron in a research report on Tuesday, October 20th. One research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $222.96.
Check Out Our Latest Research 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.
Further Reading
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