Chevron (NYSE:CVX) Vice Chairman Sells 112,000 Shares of Company Stock

Key Points

• Chevron Vice Chairman Mark Nelson sold 112,000 shares for about $23.57 million at an average price of $210.48, reducing his stake by 90.58% to 11,647 shares.
• Chevron reported quarterly EPS of $5.28, beating analyst estimates of $4.87; revenue rose 36.3% year over year to $65.24 billion, also topping expectations.
• The company announced a quarterly dividend of $1.78 per share, equivalent to $7.12 annually and a 3.3% yield.

Chevron Corporation (NYSE:CVX - Get Free Report) Vice Chairman Mark Nelson sold 112,000 shares of Chevron stock in a transaction on Tuesday, November 10th. The stock was sold at an average price of $210.48, for a total transaction of $23,573,760.00. Following the sale, the insider owned 11,647 shares in the company, valued at $2,451,460.56. This represents a 90.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Chevron Price Performance

NYSE:CVX traded up $3.36 during trading hours on Thursday, reaching $216.64. The company had a trading volume of 9,038,083 shares, compared to its average volume of 10,241,720. The stock has a 50-day moving average of $215.23 and a two-hundred day moving average of $195.08. The company has a quick ratio of 1.07, a current ratio of 1.34 and a debt-to-equity ratio of 0.16. Chevron Corporation has a one year low of $146.49 and a one year high of $236.48. The firm has a market capitalization of $425.78 billion, a PE ratio of 15.85, a PEG ratio of 0.49 and a beta of 0.47.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results on Friday, October 30th. The oil and gas company reported $5.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.87 by $0.41. Chevron had a net margin of 11.56% and a return on equity of 14.49%. The business had revenue of $65.24 billion during the quarter, compared to analysts' expectations of $61.82 billion. During the same quarter last year, the company posted $1.85 EPS. The firm's revenue for the quarter was up 36.3% on a year-over-year basis. Analysts forecast that Chevron Corporation will post 18.64 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Wednesday, November 18th will be issued a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Wednesday, November 18th. Chevron's dividend payout ratio is presently 52.08%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CVX. Freedom Broker raised Chevron from a "sell" rating to a "hold" rating and set a $218.00 price target for the company in a report on Thursday, November 5th. HSBC set a $90.00 price objective on shares of Chevron in a report on Friday, September 25th. Mizuho set a $234.00 price objective on shares of Chevron in a research report on Monday, October 12th. Wall Street Zen upgraded shares of Chevron from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Finally, William Blair started coverage on shares of Chevron in a research note on Wednesday, October 28th. They set an "outperform" rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Chevron currently has an average rating of "Moderate Buy" and a consensus target price of $222.81.

Hedge Funds Weigh In On Chevron

Large investors have recently made changes to their positions in the company. Meeder Advisory Services Inc. increased its holdings in Chevron by 13.4% in the third quarter. Meeder Advisory Services Inc. now owns 44,451 shares of the oil and gas company's stock valued at $9,077,000 after purchasing an additional 5,253 shares during the last quarter. Benjamin Edwards Inc. boosted its holdings in Chevron by 2.7% during the third quarter. Benjamin Edwards Inc. now owns 128,817 shares of the oil and gas company's stock worth $26,309,000 after buying an additional 3,337 shares during the last quarter. CacheTech Inc. boosted its holdings in Chevron by 26.7% during the third quarter. CacheTech Inc. now owns 4,944 shares of the oil and gas company's stock worth $1,010,000 after buying an additional 1,043 shares during the last quarter. DiPaolo Financial Group Inc. acquired a new position in shares of Chevron during the 3rd quarter worth about $46,000. Finally, First Trust Advisors LP grew its position in shares of Chevron by 16.6% during the 3rd quarter. First Trust Advisors LP now owns 4,586,444 shares of the oil and gas company's stock worth $936,598,000 after buying an additional 653,901 shares during the period. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron News Summary

Here's some of the latest news about CVX:

• Positive Sentiment: Chevron’s third-quarter adjusted profit nearly tripled to $10.4 billion, driven by stronger refining margins: downstream earnings rose 333%, and refineries operated at 98% capacity. The results and rising earnings estimates reinforce the strength of its integrated business model. Chevron's Production Fell. Its Profit Nearly Tripled.
• Positive Sentiment: Chevron plans to restart its Iowa biodiesel facility with feedstock supplied through an agreement with Landus Cooperative, potentially adding to its renewable-fuels activity. Chevron to Restart Ralston Biodiesel Facility
• Negative Sentiment: Sanford C. Bernstein lowered its price target from $248 to $233 and kept a “market perform” rating, signaling a more cautious view of further share-price gains. Sanford C. Bernstein recommendations

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.