Chevron (NYSE:CVX) Insider R. Hewitt Pate Sells 2,400 Shares of Stock

Chevron Corporation (NYSE:CVX) insider R. Pate sold 2,400 shares of Chevron stock in a transaction that occurred on Monday, October 19th. The stock was sold at an average price of $225.61, for a total value of $541,464.00. Following the transaction, the insider owned 8,791 shares of the company’s stock, valued at $1,983,337.51. This represents a 21.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through 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 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 transaction 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 transaction of $506,621.70.

Chevron Price Performance

Chevron stock opened at $226.81 on Thursday. The company has a market capitalization of $448.13 billion, a price-to-earnings ratio of 21.75, a PEG ratio of 0.62 and a beta of 0.53. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19. Chevron Corporation has a 12 month low of $146.49 and a 12 month high of $228.48. The stock’s 50 day moving average is $209.37 and its 200-day moving average is $193.91.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, topping analysts’ consensus estimates of $5.55 by $0.51. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The business had revenue of $67.20 billion for the quarter, compared to analyst estimates of $62.72 billion. During the same period last year, the firm earned $1.77 earnings per share. Chevron’s revenue for the quarter was up 57.4% compared to the same quarter last year. Equities research analysts expect that Chevron Corporation will post 17.71 EPS for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th were given a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a yield of 3.1%. The ex-dividend date was Wednesday, August 19th. Chevron’s payout ratio is currently 68.26%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CVX. UBS Group boosted their target price on Chevron from $220.00 to $235.00 and gave the stock a “buy” rating in a research note on Thursday, October 8th. JPMorgan Chase & Co. raised their price target on shares of Chevron from $190.00 to $222.00 and gave the company an “overweight” rating in a research note on Monday, August 3rd. Sanford C. Bernstein lifted their price target on shares of Chevron from $204.00 to $209.00 and gave the company a “market perform” rating in a report on Monday, August 3rd. Raymond James Financial decreased their price target on shares of Chevron from $230.00 to $225.00 and set an “outperform” rating on the stock in a report on Tuesday, July 21st. Finally, Piper Sandler upped their price objective on shares of Chevron from $207.00 to $243.00 and gave the stock an “overweight” rating in a research report on Thursday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $213.96.

Institutional Investors Weigh In On Chevron

Institutional investors and hedge funds have recently made changes to their positions in the stock. Midwest Capital Advisors LLC bought a new stake in Chevron in the first quarter valued at approximately $25,000. Main Street Group LTD acquired a new stake in Chevron during the 1st quarter valued at approximately $28,000. Kilter Group LLC bought a new position in Chevron during the 2nd quarter worth approximately $28,000. Principia Wealth Advisory LLC raised its holdings in Chevron by 49.6% during the 2nd quarter. Principia Wealth Advisory LLC now owns 181 shares of the oil and gas company’s stock worth $30,000 after purchasing an additional 60 shares during the last quarter. Finally, Financial Connections Group Inc. raised its holdings in Chevron by 129.3% during the 1st quarter. Financial Connections Group Inc. now owns 211 shares of the oil and gas company’s stock worth $43,000 after purchasing an additional 119 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron News Summary

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

About Chevron

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.