Michael Wirth Sells 5,547 Shares of Chevron (NYSE:CVX) Stock

Chevron Corporation (NYSE:CVX) CEO Michael Wirth sold 5,547 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $187.00, for a total value of $1,037,289.00. Following the completion of the sale, the chief executive officer directly owned 26,308 shares of the company’s stock, valued at approximately $4,919,596. This represents a 17.41% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link.

Chevron Stock Down 1.5%

Shares of CVX stock traded down $2.81 during trading hours on Friday, reaching $186.42. 6,564,573 shares of the company’s stock were exchanged, compared to its average volume of 11,027,712. Chevron Corporation has a 1 year low of $146.49 and a 1 year high of $214.71. The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21. The stock has a market cap of $371.28 billion, a PE ratio of 17.87, a PEG ratio of 0.57 and a beta of 0.49. The stock’s fifty day moving average price is $182.29 and its two-hundred day moving average price is $185.80.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, beating the consensus estimate of $5.55 by $0.51. The firm had revenue of $67.20 billion during the quarter, compared to analyst estimates of $62.72 billion. Chevron had a net margin of 9.57% and a return on equity of 11.14%. Chevron’s revenue was up 57.4% on a year-over-year basis. During the same period last year, the firm posted $1.77 EPS. Research analysts predict that Chevron Corporation will post 15.88 EPS for the current year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be issued a $1.78 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.8%. Chevron’s dividend payout ratio (DPR) is currently 68.26%.

Key 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

Wall Street Analysts Forecast Growth

CVX has been the topic of several research reports. Zacks Research downgraded Chevron from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 8th. TD Cowen lifted their price target on Chevron from $200.00 to $205.00 and gave the stock a “hold” rating in a research report on Wednesday. BNP Paribas Exane upgraded Chevron from a “neutral” rating to an “outperform” rating and set a $174.00 price target on the stock in a research note on Friday, April 17th. Jefferies Financial Group reissued a “buy” rating and issued a $216.00 price objective on shares of Chevron in a report on Friday, July 10th. Finally, Wolfe Research raised Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 target price for the company in a report on Thursday, July 2nd. Eighteen equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $207.48.

Institutional Investors Weigh In On Chevron

Hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in shares of Chevron in the 2nd quarter valued at about $25,663,729,000. State Street Corp boosted its stake in shares of Chevron by 9.1% in 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 buying an additional 12,789,399 shares during the last quarter. Berkshire Hathaway Inc grew its holdings in 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 acquiring an additional 8,091,570 shares during the period. Geode Capital Management LLC grew its holdings in Chevron by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 43,613,011 shares of the oil and gas company’s stock worth $6,620,187,000 after acquiring an additional 134,890 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in Chevron by 2.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 36,036,844 shares of the oil and gas company’s stock valued at $5,492,377,000 after acquiring an additional 961,341 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other 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.