Insider Selling: Chevron (NYSE:CVX) Director Sells 375,000 Shares of Stock

by · The Cerbat Gem

Chevron Corporation (NYSE:CVX – Get Free Report) Director John Hess sold 375,000 shares of the firm’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $158.30, for a total value of $59,362,500.00. Following the transaction, the director owned 1,403,045 shares of the company’s stock, valued at $222,102,023.50. This trade represents a 21.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Chevron Stock Down 0.5%

Shares of Chevron stock traded down $0.77 during trading hours on Tuesday, reaching $157.43. 10,267,760 shares of the company were exchanged, compared to its average volume of 9,344,085. The firm has a market cap of $272.04 billion, a PE ratio of 20.26, a PEG ratio of 2.35 and a beta of 0.87. The stock’s fifty day moving average is $151.45 and its 200 day moving average is $148.64. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00.

Chevron (NYSE:CVX – Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.19. The company had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm’s quarterly revenue was down 12.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.55 earnings per share. As a group, equities research analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th will be paid a $1.71 dividend. The ex-dividend date is Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.3%. Chevron’s payout ratio is currently 88.03%.

Institutional Trading of Chevron

Several institutional investors and hedge funds have recently modified their holdings of the business. Harvest Fund Management Co. Ltd increased its holdings in Chevron by 420.7% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 122 shares in the last quarter. Elequin Capital LP purchased a new stake in shares of Chevron in the first quarter worth about $31,000. 10Elms LLP acquired a new stake in shares of Chevron in the fourth quarter valued at about $29,000. IFS Advisors LLC raised its holdings in shares of Chevron by 119.6% during the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company’s stock valued at $36,000 after buying an additional 116 shares during the period. Finally, Quaker Wealth Management LLC lifted its position in Chevron by 197.7% during the 2nd quarter. Quaker Wealth Management LLC now owns 217 shares of the oil and gas company’s stock worth $31,000 after acquiring an additional 439 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analyst Ratings Changes

CVX has been the topic of several analyst reports. HSBC downgraded shares of Chevron from a “buy” rating to a “hold” rating and lowered their target price for the company from $176.00 to $158.00 in a report on Tuesday, May 13th. Melius started coverage on Chevron in a research report on Wednesday, August 20th. They set a “hold” rating and a $155.00 target price on the stock. Hsbc Global Res downgraded Chevron from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 13th. UBS Group increased their price objective on Chevron from $186.00 to $197.00 and gave the stock a “buy” rating in a research report on Wednesday, August 20th. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of Chevron in a research note on Friday, July 18th. Eleven equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $163.95.

Check Out Our Latest Research Report on Chevron

Chevron Company Profile

(Get Free Report)

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.

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