Investors Purchase High Volume of Chevron Call Options (NYSE:CVX)

Chevron Corporation (NYSE:CVX) was the target of unusually large options trading activity on Thursday. Stock traders acquired 111,021 call options on the stock. This is an increase of approximately 58% compared to the typical daily volume of 70,122 call options.

Insider Buying and Selling at Chevron

In other Chevron news, insider Alana K. Knowles sold 2,408 shares of the firm’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $183.28, for a total value of $441,338.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael K. Wirth sold 272,624 shares of the company’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $189.35, for a total transaction of $51,621,354.40. Following the completion of the transaction, the chief executive officer owned 31,266 shares in the company, valued at approximately $5,920,217.10. This trade represents a 89.71% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 1,099,397 shares of company stock worth $196,196,468 in the last quarter. Company insiders own 0.21% of the company’s stock.

Hedge Funds Weigh In On Chevron

A number of large investors have recently made changes to their positions in the stock. Castellan Group boosted its stake in shares of Chevron by 10.7% during the 2nd quarter. Castellan Group now owns 20,405 shares of the oil and gas company’s stock valued at $2,922,000 after buying an additional 1,965 shares during the last quarter. United Bank increased its position in Chevron by 7.7% in the second quarter. United Bank now owns 11,079 shares of the oil and gas company’s stock worth $1,586,000 after buying an additional 796 shares during the period. Schnieders Capital Management LLC. lifted its position in Chevron by 9.0% in the 2nd quarter. Schnieders Capital Management LLC. now owns 50,839 shares of the oil and gas company’s stock valued at $7,280,000 after purchasing an additional 4,214 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in Chevron in the 2nd quarter worth approximately $10,435,000. Finally, Glynn Capital Management LLC acquired a new position in Chevron during the 2nd quarter valued at about $843,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Up 2.9%

Shares of CVX traded up $5.52 during mid-day trading on Thursday, hitting $197.31. 27,125,017 shares of the company traded hands, compared to its average volume of 10,459,310. The company has a market capitalization of $393.71 billion, a PE ratio of 29.63, a price-to-earnings-growth ratio of 1.93 and a beta of 0.67. The company has a quick ratio of 0.86, a current ratio of 1.15 and a debt-to-equity ratio of 0.21. Chevron has a 1-year low of $132.04 and a 1-year high of $198.88. The business has a 50 day moving average of $175.61 and a 200 day moving average of $161.50.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, January 30th. The oil and gas company reported $1.52 earnings per share for the quarter, beating analysts’ consensus estimates of $1.44 by $0.08. The firm had revenue of $45.79 billion for the quarter, compared to analyst estimates of $48.18 billion. Chevron had a net margin of 6.51% and a return on equity of 7.89%. Chevron’s quarterly revenue was down 10.2% compared to the same quarter last year. During the same period last year, the company posted $2.06 EPS. Equities research analysts anticipate that Chevron will post 10.79 EPS for the current year.

Chevron Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 10th. Stockholders of record on Tuesday, February 17th were issued a $1.78 dividend. The ex-dividend date of this dividend was Tuesday, February 17th. This is an increase from Chevron’s previous quarterly dividend of $1.71. This represents a $7.12 annualized dividend and a dividend yield of 3.6%. Chevron’s dividend payout ratio is currently 106.91%.

Analyst Ratings Changes

CVX has been the subject of several research reports. Scotiabank reiterated a “sector perform” rating and set a $168.00 target price on shares of Chevron in a report on Friday, January 16th. Wells Fargo & Company increased their target price on Chevron from $196.00 to $204.00 and gave the company an “overweight” rating in a research note on Monday, February 2nd. Jefferies Financial Group lifted their price target on shares of Chevron from $174.00 to $189.00 and gave the stock a “buy” rating in a research note on Wednesday, January 14th. BMO Capital Markets reissued an “outperform” rating and issued a $190.00 target price on shares of Chevron in a report on Monday, February 2nd. Finally, Wall Street Zen upgraded Chevron from a “sell” rating to a “hold” rating in a research note on Saturday, January 31st. Thirteen investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have given a Sell rating to the company. According to MarketBeat, Chevron currently has a consensus rating of “Hold” and an average price target of $182.05.

Trending Headlines about Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Piper Sandler raised its price target and reiterated an “overweight” stance on CVX, giving institutional investors a fresh bullish valuation reference. Benzinga
• Positive Sentiment: Macro support: oil prices and geopolitical risk in the Middle East have pushed Chevron to new highs this week, lifting sentiment for integrated producers that benefit from higher crude. MarketBeat
• Positive Sentiment: Gulf of Mexico expansion: Chevron increased its footprint in the recent lease sale/auction, signaling continued investment in U.S. deepwater growth. Yahoo Finance
• Positive Sentiment: Project development: Chevron Cyprus has advanced a Cyprus offshore gas project (Worley awarded FEED), indicating future production & gas sales potential in the Eastern Med. TipRanks
• Positive Sentiment: Heavy bullish options flow: an unusual spike in call buying shows short?term speculative/hedging interest that can amplify upward moves.
• Neutral Sentiment: Gorgon/LNG ownership shifts: MidOcean’s move to increase a stake in Gorgon LNG reflects ongoing portfolio shifts in Australian LNG, where Chevron is a long?standing partner — monitor implications for JV economics. Offshore?Technology
• Neutral Sentiment: Venezuela opportunity remains in play: reports that Chevron and Shell are nearing deals to revive Venezuelan production are positive long?term but remain uncertain and subject to regulatory/geopolitical timing. MSN/Reuters
• Negative Sentiment: Insider selling: an SEC filing shows R. Hewitt Pate sold 47,200 shares recently — while insider sales can be routine, some investors interpret them as a signal to reduce exposure near rally highs. SEC Form 4
• Negative Sentiment: Regulatory hit: Chevron agreed to a DOJ settlement (about $1M penalty and retirement of ~$3.6M in invalid renewable credits) — small financially but a reputational/legal reminder. Benzinga
• Negative Sentiment: Asset sale in Angola: Energean’s acquisition of Chevron stakes in offshore Angolan blocks reduces CVX near?term production exposure in that region; impact depends on sale price and redeployment of proceeds. Offshore?Technology

Chevron Company Profile

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.