Chevron (NYSE:CVX) Stock Price Down 2.1% After Insider Selling

Chevron Corporation (NYSE:CVX)’s share price was down 2.1% during mid-day trading on Wednesday after an insider sold shares in the company. The stock traded as low as $186.27 and last traded at $186.4830. 8,176,315 shares changed hands during mid-day trading, a decline of 26% from the average session volume of 11,067,424 shares. The stock had previously closed at $190.40.

Specifically, Director John B. Hess sold 100,000 shares of the business’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $194.26, for a total transaction of $19,426,000.00. Following the completion of the sale, the director owned 178,045 shares of the company’s stock, valued at $34,587,021.70. This represents a 35.97% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John B. Hess sold 710,665 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $194.10, for a total transaction of $137,940,076.50. Following the completion of the transaction, the director directly owned 363,711 shares in the company, valued at $70,596,305.10. This represents a 66.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on CVX shares. Tudor Pickering raised Chevron from a “hold” rating to a “buy” rating and set a $225.00 target price for the company in a report on Thursday, April 9th. Royal Bank Of Canada restated an “outperform” rating and set a $220.00 price objective on shares of Chevron in a research report on Tuesday, May 5th. The Goldman Sachs Group restated a “buy” rating and set a $216.00 price objective on shares of Chevron in a research note on Wednesday, May 6th. Mizuho set a $224.00 target price on Chevron in a research report on Monday. Finally, Wolfe Research upgraded Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 target price on the stock in a research note on Thursday, July 2nd. Eighteen analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $207.48.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron’s latest quarter remains the key bullish catalyst: net income reached $12.1 billion, compared with $2.5 billion a year earlier, while reported EPS of $6.06 exceeded the $5.55 consensus estimate. Elevated energy prices tied to Middle East disruptions significantly boosted results. Chevron earnings article
• Positive Sentiment: Analysts remain constructive, citing record production, multibillion-dollar debt reduction, strong free cash flow and a 20-year power agreement with Microsoft that could support Chevron’s long-term growth and financial flexibility. TD Cowen also forecasts meaningful share-price appreciation. Wall Street bullish on Chevron article
• Positive Sentiment: Chevron continues to attract income-focused investors because of its dividend, scale and balance-sheet strength. Its expansion of the North American base-oils distribution network provides an additional downstream growth initiative. Dividend-paying energy giants article
• Neutral Sentiment: Options premiums remain elevated because of the Gulf conflict. That volatility may benefit sophisticated investors selling puts, but it also signals that the market expects unusually large swings in energy stocks. Gulf uncertainty and oil majors article
• Negative Sentiment: A director sold more than 810,000 CVX shares for approximately $157 million, substantially reducing his holdings. Although the sales may be personal or transaction-related, their timing can add to investor caution after the recent rally. Chevron insider trading report
• Negative Sentiment: The earnings surge is heavily linked to Middle Eastern supply disruptions and could prove difficult to sustain if geopolitical tensions ease. Chevron and other majors are also facing criticism that windfall gains and elevated fuel prices could invite political or regulatory pressure. Chevron valuation analysis article

Chevron Stock Down 1.5%

The company has a debt-to-equity ratio of 0.21, a current ratio of 1.09 and a quick ratio of 0.84. The firm has a market capitalization of $371.28 billion, a P/E ratio of 17.87, a PEG ratio of 0.57 and a beta of 0.49. The firm’s fifty day moving average price is $182.29 and its 200-day moving average price is $185.80.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.55 by $0.51. Chevron had a return on equity of 11.14% and a net margin of 9.57%.The firm had revenue of $67.20 billion during the quarter, compared to analyst estimates of $62.72 billion. During the same period last year, the company posted $1.77 EPS. The firm’s quarterly revenue was up 57.4% on a year-over-year basis. As a group, equities research analysts forecast that Chevron Corporation will post 15.88 earnings per share for the current year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be issued a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend is Wednesday, August 19th. Chevron’s payout ratio is presently 68.26%.

Institutional Investors Weigh In On Chevron

Several hedge funds and other institutional investors have recently bought and sold shares of CVX. Cornerstone Advisory LLC increased its position in shares of Chevron by 0.9% in the first quarter. Cornerstone Advisory LLC now owns 5,625 shares of the oil and gas company’s stock valued at $1,164,000 after buying an additional 52 shares in the last quarter. Compton Financial Group LLC lifted its position in shares of Chevron by 1.9% during the 1st quarter. Compton Financial Group LLC now owns 2,944 shares of the oil and gas company’s stock valued at $609,000 after buying an additional 56 shares in the last quarter. Quantum Portfolio Management LLC grew its stake in Chevron by 2.7% in the 1st quarter. Quantum Portfolio Management LLC now owns 2,101 shares of the oil and gas company’s stock valued at $435,000 after acquiring an additional 56 shares during the period. Wealthspire Retirement LLC grew its stake in Chevron by 0.9% in the 1st quarter. Wealthspire Retirement LLC now owns 6,530 shares of the oil and gas company’s stock valued at $1,351,000 after acquiring an additional 56 shares during the period. Finally, D.B. Root & Company LLC increased its holdings in Chevron by 1.0% in the 4th quarter. D.B. Root & Company LLC now owns 5,552 shares of the oil and gas company’s stock worth $846,000 after acquiring an additional 57 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

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.