Chevron (NYSE:CVX) Stock Price Crosses Above Fifty Day Moving Average on Insider Selling

Key Points

• Chevron shares rose 1.6% and moved above their 50-day moving average, trading as high as $218.09 and last at about $216.64.
• Vice Chairman Mark Nelson sold 112,000 shares for approximately $23.6 million, cutting his direct holdings by 90.6%; the filing does not state his motivation.
• Chevron beat quarterly earnings and revenue estimates, reporting EPS of $5.28 and revenue of $65.24 billion. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $222.81.

Chevron Corporation (NYSE:CVX - Get Free Report)'s stock price crossed above its fifty day moving average during trading on Thursday following insider buying activity. The stock has a fifty day moving average of $215.33 and traded as high as $218.09. Chevron shares last traded at $216.6360, with a volume of 9,044,970 shares.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CVX. Weiss Ratings lowered Chevron from a "buy (b+)" rating to a "buy (b)" rating in a research report on Monday, November 2nd. JPMorgan Chase & Co. lifted their target price on Chevron from $190.00 to $222.00 and gave the company an "overweight" rating in a research note on Monday, August 3rd. Raymond James Financial dropped their target price on Chevron from $230.00 to $225.00 and set an "outperform" rating on the stock in a report on Tuesday, July 21st. Zacks Research raised shares of Chevron from a "hold" rating to a "strong-buy" rating in a research report on Monday, October 5th. Finally, Sanford C. Bernstein reduced their price target on shares of Chevron from $248.00 to $233.00 and set a "market perform" rating for the company in a research report on Thursday. One analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Chevron currently has a consensus rating of "Moderate Buy" and a consensus target price of $222.81.

More Chevron News

Investors following CVX have been watching these news items:

• Neutral Sentiment: Chevron has emphasized the importance of maintaining financial strength amid volatile oil prices. Uncertainty about the oil-market outlook could affect results, although the company’s integrated business and strong refining performance offer some diversification. Article: What Exxon, Chevron and Shell Said About Where Oil Goes Next
• Negative Sentiment: Sanford C. Bernstein cut its price target to $233 from $248 and maintained a “market perform” rating, signaling less upside in its updated view. Article: Bernstein Lowers Chevron Price Target
• Negative Sentiment: Vice Chairman Mark Nelson sold 112,000 shares for about $23.6 million, reducing his direct holdings by 90.6%. Insider sales can draw investor attention, though the transaction alone does not establish the seller’s motivation. SEC Form 4 filing

Chevron Trading Up 1.6%

The company has a debt-to-equity ratio of 0.16, a current ratio of 1.34 and a quick ratio of 1.07. The company has a fifty day moving average of $215.33 and a 200-day moving average of $195.33. The firm has a market capitalization of $425.78 billion, a PE ratio of 15.85, a price-to-earnings-growth ratio of 0.50 and a beta of 0.47.

Chevron (NYSE:CVX - Get Free Report) last issued its earnings results on Friday, October 30th. The oil and gas company reported $5.28 EPS for the quarter, beating analysts' consensus estimates of $4.87 by $0.41. Chevron had a return on equity of 14.49% and a net margin of 11.56%. The firm had revenue of $65.24 billion for the quarter, compared to the consensus estimate of $61.82 billion. During the same quarter in the previous year, the company posted $1.85 earnings per share. The business's quarterly revenue was up 36.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Chevron Corporation will post 18.64 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently declared 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 payout ratio is currently 52.08%.

Institutional Investors Weigh In On Chevron

Several institutional investors have recently made changes to their positions in the company. State Street Corp grew its position in Chevron by 4.0% in the third quarter. State Street Corp now owns 154,437,187 shares of the oil and gas company's stock worth $31,537,618,000 after acquiring an additional 5,989,553 shares in the last quarter. BlackRock Inc. acquired a new position in shares of Chevron during the 2nd quarter worth $25,663,729,000. Bank of America Corp DE lifted its stake in shares of Chevron by 5.1% in the 1st quarter. Bank of America Corp DE now owns 27,630,227 shares of the oil and gas company's stock valued at $5,716,694,000 after purchasing an additional 1,334,976 shares during the last quarter. Amundi boosted its holdings in Chevron by 3.0% in the first quarter. Amundi now owns 12,185,436 shares of the oil and gas company's stock worth $2,521,166,000 after purchasing an additional 349,416 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in Chevron in the second quarter worth $2,378,114,000. 72.42% of the stock is currently owned by institutional investors and hedge funds.

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.

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