Chevron (NYSE:CVX) CEO Sells $1,037,289.00 in Stock

Key Points

• Chevron CEO Michael Wirth sold 5,547 shares at an average price of $187, generating $1.04 million and reducing his direct ownership by 17.41% to 26,308 shares.
• Chevron shares fell 1.5% to $186.42, while the company reported quarterly EPS of $6.06 and revenue of $67.20 billion, both above analyst expectations.
• The company declared a quarterly dividend of $1.78 per share, equivalent to a 3.8% annualized yield, and analysts maintain a “Moderate Buy” consensus with an average price target of $207.48.

Chevron Corporation (NYSE:CVX - Get Free Report) CEO Michael Wirth sold 5,547 shares of the firm's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $187.00, for a total transaction of $1,037,289.00. Following the transaction, the chief executive officer directly owned 26,308 shares in the company, valued at approximately $4,919,596. This trade represents a 17.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link.

Chevron Trading Down 1.5%

Shares of NYSE CVX traded down $2.81 during trading hours on Friday, reaching $186.42. The stock had a trading volume of 6,564,573 shares, compared to its average volume of 11,027,712. Chevron Corporation has a 52-week low of $146.49 and a 52-week high of $214.71. The firm has a market cap of $371.28 billion, a price-to-earnings ratio of 17.87, a P/E/G ratio of 0.57 and a beta of 0.49. The business's fifty day moving average price is $182.29 and its two-hundred day moving average price is $185.80. The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data 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 company had revenue of $67.20 billion for the quarter, compared to the consensus estimate of $62.72 billion. Chevron had a return on equity of 11.14% and a net margin of 9.57%.Chevron's quarterly revenue was up 57.4% on a year-over-year basis. During the same period last year, the business posted $1.77 EPS. Analysts expect that Chevron Corporation will post 15.88 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be paid a dividend of $1.78 per share. The ex-dividend date is Wednesday, August 19th. This represents a $7.12 annualized dividend and a dividend yield of 3.8%. Chevron's dividend payout ratio (DPR) is currently 68.26%.

More 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

Analysts Set New Price Targets

Several research analysts have issued reports on CVX shares. Morgan Stanley dropped their target price on shares of Chevron from $214.00 to $210.00 and set an "overweight" rating on the stock in a report on Monday, June 29th. Sanford C. Bernstein boosted 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. BNP Paribas Exane raised shares of Chevron from a "neutral" rating to an "outperform" rating and set a $174.00 price target for the company in a research report on Friday, April 17th. Wells Fargo & Company increased their price objective on shares of Chevron from $204.00 to $222.00 and gave the company an "overweight" rating in a research note on Thursday, April 9th. Finally, Jefferies Financial Group reissued a "buy" rating and set a $216.00 price objective on shares of Chevron in a report on Friday, July 10th. Eighteen research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Chevron currently has a consensus rating of "Moderate Buy" and a consensus target price of $207.48.

Hedge Funds Weigh In On Chevron

A number of large investors have recently added to or reduced their stakes in CVX. BlackRock Inc. acquired a new stake in Chevron in the second quarter valued at approximately $25,663,729,000. State Street Corp increased its position in shares of Chevron by 9.1% during the third quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company's stock worth $23,698,184,000 after purchasing an additional 12,789,399 shares in the last quarter. Berkshire Hathaway Inc increased its position in shares of Chevron by 6.6% during the fourth quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company's stock worth $19,837,131,000 after purchasing an additional 8,091,570 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Chevron by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 43,613,011 shares of the oil and gas company's stock valued at $6,620,187,000 after purchasing an additional 134,890 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Chevron by 2.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 36,036,844 shares of the oil and gas company's stock worth $5,492,377,000 after purchasing an additional 961,341 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

About Chevron

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.

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