John Hess Sells 380,000 Shares of Chevron (NYSE:CVX) Stock

Chevron Corporation (NYSE:CVX) Director John Hess sold 380,000 shares of the stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the completion of the sale, the director owned 278,045 shares in the company, valued at approximately $53,718,294. This trade represents a 57.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Chevron Trading Up 0.3%

CVX opened at $191.51 on Friday. The firm’s fifty day moving average is $193.54 and its two-hundred day moving average is $174.60. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.84 and a current ratio of 1.09. The firm has a market cap of $381.42 billion, a PE ratio of 33.19, a price-to-earnings-growth ratio of 0.64 and a beta of 0.51. Chevron Corporation has a twelve month low of $134.06 and a twelve month high of $214.71.

Chevron (NYSE:CVX) last posted its earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.41. The company had revenue of $47.56 billion for the quarter, compared to analyst estimates of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period last year, the business posted $2.18 earnings per share. Equities research analysts anticipate that Chevron Corporation will post 15.74 EPS for the current year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th will be issued a $1.78 dividend. The ex-dividend date is Tuesday, May 19th. This represents a $7.12 annualized dividend and a yield of 3.7%. Chevron’s dividend payout ratio (DPR) is 123.40%.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: WTI crude above $95 per barrel is lifting Permian oil and associated gas economics, which should be a tailwind for Chevron’s upstream earnings and cash flow. More Gas Per Barrel of Oil: A Growth Lever for Permian Operators
• Positive Sentiment: Morgan Stanley raised its price target on Chevron to $214 from $212 and reiterated an overweight rating, signaling continued Wall Street confidence in the stock’s upside. Benzinga / The Fly analyst update
• Positive Sentiment: Chevron’s planned participation in a Bernstein conference next week keeps investor attention on management commentary and strategic updates. Chevron to Participate in Fireside Q&A at Bernstein 42nd Annual Strategic Decisions Conference
• Positive Sentiment: Chevron’s new next-generation Techron gasoline additive may help support brand strength and retail fuel performance over time. Chevron Introduces Next-gen Techron in U.S. Chevron and Texaco Gasolines
• Positive Sentiment: Chevron stands to receive about $2.17 billion from the sale of several Asia Pacific refining and retail assets to Eneos, which supports balance-sheet flexibility and portfolio simplification. Chevron Corporation (CVX) Poised for $2.17B Boost from Asia Pacific Asset Sale

Wall Street Analysts Forecast Growth

CVX has been the subject of a number of analyst reports. Zacks Research raised shares of Chevron from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 3rd. HSBC raised shares of Chevron from a “hold” rating to a “buy” rating and set a $215.00 target price for the company in a report on Friday, March 20th. Wells Fargo & Company lifted their target price on shares of Chevron from $204.00 to $222.00 and gave the stock an “overweight” rating in a report on Thursday, April 9th. BMO Capital Markets reaffirmed an “outperform” rating and set a $190.00 target price on shares of Chevron in a report on Monday, February 2nd. Finally, Sanford C. Bernstein reduced their target price on shares of Chevron from $216.00 to $204.00 and set a “market perform” rating for the company in a report on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Chevron has an average rating of “Moderate Buy” and a consensus price target of $204.22.

Institutional Trading of Chevron

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in Chevron by 17.9% in the 3rd quarter. Vanguard Group Inc. now owns 183,790,028 shares of the oil and gas company’s stock valued at $28,540,753,000 after purchasing an additional 27,961,463 shares during the period. State Street Corp boosted its holdings in Chevron by 9.1% in the 3rd quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company’s stock valued at $23,698,184,000 after purchasing an additional 12,789,399 shares during the period. Berkshire Hathaway Inc boosted its holdings in Chevron by 6.6% in the 4th quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company’s stock valued at $19,837,131,000 after purchasing an additional 8,091,570 shares during the period. Geode Capital Management LLC boosted its holdings in Chevron by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 43,613,011 shares of the oil and gas company’s stock valued at $6,620,187,000 after purchasing an additional 134,890 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Chevron by 2.7% in the 4th 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 purchasing an additional 961,341 shares during the period. Institutional investors own 72.42% of the company’s stock.

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.