Chevron (NYSE:CVX) Insider R. Hewitt Pate Sells 40,700 Shares of Company Stock

Chevron Corporation (NYSE:CVX) insider R. Pate sold 40,700 shares of the firm’s stock in a transaction on Tuesday, October 20th. The shares were sold at an average price of $226.65, for a total transaction of $9,224,655.00. Following the transaction, the insider directly owned 8,791 shares of the company’s stock, valued at $1,992,480.15. The trade was a 82.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

R. Hewitt Pate also recently made the following trade(s):

• On Monday, October 19th, R. Pate sold 2,400 shares of Chevron stock. The stock was sold at an average price of $225.61, for a total transaction of $541,464.00.
• On Tuesday, August 18th, R. Pate sold 2,470 shares of Chevron stock. The stock was sold at an average price of $205.11, for a total transaction of $506,621.70.

Chevron Stock Performance

Shares of Chevron stock opened at $226.81 on Thursday. The stock has a market cap of $448.13 billion, a price-to-earnings ratio of 21.75, a P/E/G ratio of 0.62 and a beta of 0.53. Chevron Corporation has a twelve month low of $146.49 and a twelve month high of $228.48. The company’s fifty day moving average is $209.37 and its 200 day moving average is $193.91. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19.

Chevron (NYSE:CVX) last announced its earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (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 analyst estimates of $62.72 billion. Chevron had a return on equity of 11.09% and a net margin of 9.57%. Chevron’s revenue for the quarter was up 57.4% compared to the same quarter last year. During the same period last year, the company earned $1.77 EPS. Sell-side analysts forecast that Chevron Corporation will post 17.71 EPS for the current year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th were given a $1.78 dividend. 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 payout ratio is 68.26%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on CVX shares. Argus increased their price target on Chevron from $206.00 to $211.00 and gave the company a “buy” rating in a research note on Tuesday, August 11th. Wolfe Research raised Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 price objective on the stock in a research note on Thursday, July 2nd. Royal Bank Of Canada lifted their price objective on Chevron from $220.00 to $230.00 and gave the stock an “outperform” rating in a research note on Thursday, September 24th. Morgan Stanley upped their target price on Chevron from $218.00 to $226.00 and gave the company an “overweight” rating in a report on Thursday, October 15th. Finally, The Goldman Sachs Group reissued a “buy” rating and set a $241.00 target price on shares of Chevron in a research report on Tuesday. One analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $213.96.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Courage Miller Partners LLC acquired a new stake in Chevron during the third quarter worth approximately $227,000. Crescent Grove Advisors LLC increased its holdings in Chevron by 6.8% in the third quarter. Crescent Grove Advisors LLC now owns 4,484 shares of the oil and gas company’s stock worth $916,000 after purchasing an additional 284 shares in the last quarter. Obermeyer Wealth Partners increased its holdings in Chevron by 3.9% in the third quarter. Obermeyer Wealth Partners now owns 5,690 shares of the oil and gas company’s stock worth $1,162,000 after purchasing an additional 212 shares in the last quarter. Cardinal Point Capital Management ULC lifted its stake in Chevron by 27.1% in the third quarter. Cardinal Point Capital Management ULC now owns 4,830 shares of the oil and gas company’s stock valued at $986,000 after buying an additional 1,030 shares during the period. Finally, Oakmont Investment Advisors Inc. lifted its stake in Chevron by 1.7% in the third quarter. Oakmont Investment Advisors Inc. now owns 4,368 shares of the oil and gas company’s stock valued at $892,000 after buying an additional 71 shares during the period. 72.42% of the stock is owned by institutional investors.

More Chevron News

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

Chevron Company Profile

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.