Traders Buy Chevron (CVX) on Weakness on Insider Selling
Investors purchased shares of Chevron Corporation (NYSE:CVX) on weakness during trading hours on Tuesday after an insider sold shares in the company. $194.31 million flowed into the stock on the tick-up and $78.46 million flowed out of the stock on the tick-down, for a money net flow of $115.85 million into the stock. Of all companies tracked, Chevron had the 7th highest net in-flow for the day. Chevron traded down ($0.15) for the day and closed at $120.39Specifically, VP R. Hewitt Pate sold 25,500 shares of the firm’s stock in a transaction on Monday, October 16th. The stock was sold at an average price of $120.00, for a total transaction of $3,060,000.00. Following the completion of the transaction, the vice president now directly owns 25,500 shares in the company, valued at $3,060,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Vice Chairman Michael K. Wirth sold 1,229 shares of the firm’s stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $118.00, for a total value of $145,022.00. Following the transaction, the insider now owns 1,229 shares of the company’s stock, valued at $145,022. The disclosure for this sale can be found here. Insiders have sold 314,000 shares of company stock valued at $36,540,822 over the last 90 days. Corporate insiders own 0.38% of the company’s stock.
CVX has been the subject of several analyst reports. UBS set a $105.00 price target on Chevron and gave the company a “neutral” rating in a report on Wednesday, September 6th. Morgan Stanley raised their price target on Chevron from $120.00 to $130.00 and gave the company an “overweight” rating in a report on Wednesday, October 18th. Citigroup raised their price target on Chevron from $118.00 to $128.00 and gave the company a “buy” rating in a report on Monday, October 30th. Credit Suisse Group set a $123.00 price target on Chevron and gave the company a “buy” rating in a report on Friday, August 25th. Finally, Jefferies Group set a $130.00 price target on Chevron and gave the company a “buy” rating in a report on Tuesday, August 29th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $121.22.
The firm has a market cap of $229,520.33, a price-to-earnings ratio of 33.85, a P/E/G ratio of 3.94 and a beta of 1.21. The company has a quick ratio of 0.84, a current ratio of 1.04 and a debt-to-equity ratio of 0.23.
Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, October 27th. The oil and gas company reported $1.03 EPS for the quarter, topping the consensus estimate of $0.99 by $0.04. Chevron had a return on equity of 4.59% and a net margin of 4.79%. The company had revenue of $36.21 billion during the quarter, compared to the consensus estimate of $34.06 billion. During the same period last year, the company earned $0.68 EPS. Chevron’s revenue for the quarter was up 20.1% on a year-over-year basis. research analysts predict that Chevron Corporation will post 4.38 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 11th. Shareholders of record on Friday, November 17th will be given a $1.08 dividend. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $4.32 annualized dividend and a yield of 3.61%. Chevron’s payout ratio is 125.95%.
A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in Chevron by 2.9% in the second quarter. Vanguard Group Inc. now owns 139,626,287 shares of the oil and gas company’s stock worth $14,567,210,000 after purchasing an additional 3,920,240 shares during the last quarter. BlackRock Inc. lifted its position in shares of Chevron by 1.6% during the 2nd quarter. BlackRock Inc. now owns 124,678,992 shares of the oil and gas company’s stock valued at $13,007,759,000 after buying an additional 1,975,865 shares in the last quarter. State Street Corp lifted its position in shares of Chevron by 1.1% during the 1st quarter. State Street Corp now owns 118,769,549 shares of the oil and gas company’s stock valued at $12,752,287,000 after buying an additional 1,261,078 shares in the last quarter. Capital World Investors lifted its position in shares of Chevron by 9.8% during the 2nd quarter. Capital World Investors now owns 35,546,848 shares of the oil and gas company’s stock valued at $3,708,603,000 after buying an additional 3,182,250 shares in the last quarter. Finally, Northern Trust Corp lifted its position in shares of Chevron by 0.6% during the 2nd quarter. Northern Trust Corp now owns 26,153,161 shares of the oil and gas company’s stock valued at $2,728,558,000 after buying an additional 157,021 shares in the last quarter. 63.93% of the stock is currently owned by institutional investors and hedge funds.
Chevron Company Profile
Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates, and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in integrated energy and chemicals operations. The Company operates through two business segments: Upstream and Downstream.
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