Traders Sell Chevron (CVX) on Strength After Insider Selling

Traders sold shares of Chevron Co. (NYSE:CVX) on strength during trading on Monday following insider selling activity. $184.09 million flowed into the stock on the tick-up and $285.40 million flowed out of the stock on the tick-down, for a money net flow of $101.31 million out of the stock. Of all stocks tracked, Chevron had the 0th highest net out-flow for the day. Chevron traded up $1.73 for the day and closed at $120.67Specifically, insider James William Johnson sold 4,750 shares of the company’s stock in a transaction on Thursday, October 11th. The stock was sold at an average price of $119.97, for a total value of $569,857.50. Following the sale, the insider now directly owns 4,750 shares in the company, valued at $569,857.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 19,000 shares of company stock worth $2,247,463 over the last 90 days. Company insiders own 0.46% of the company’s stock.

Several analysts have recently issued reports on the company. Credit Suisse Group upgraded Chevron from a “neutral” rating to an “outperform” rating and set a $138.00 price objective on the stock in a research report on Monday, November 5th. Bank of America restated a “neutral” rating and issued a $140.00 price objective (up from $135.00) on shares of Chevron in a research report on Monday, November 5th. Berenberg Bank assumed coverage on Chevron in a research report on Tuesday, September 11th. They issued a “hold” rating and a $135.00 price objective on the stock. HSBC upgraded Chevron from a “hold” rating to a “buy” rating in a research report on Tuesday, September 11th. Finally, Wells Fargo & Co reduced their price objective on Chevron from $160.00 to $158.00 and set an “outperform” rating on the stock in a research report on Monday, November 5th. Seven analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $139.13.

The company has a market cap of $227.27 billion, a P/E ratio of 31.69, a price-to-earnings-growth ratio of 2.08 and a beta of 1.13. The company has a quick ratio of 1.01, a current ratio of 1.22 and a debt-to-equity ratio of 0.19.

Chevron (NYSE:CVX) last released its earnings results on Friday, November 2nd. The oil and gas company reported $2.11 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.06 by $0.05. The firm had revenue of $43.99 billion during the quarter, compared to analyst estimates of $47.17 billion. Chevron had a return on equity of 8.19% and a net margin of 8.79%. The business’s quarterly revenue was up 21.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.03 earnings per share. As a group, research analysts expect that Chevron Co. will post 8.18 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Investors of record on Friday, November 16th will be paid a $1.12 dividend. The ex-dividend date is Thursday, November 15th. This represents a $4.48 annualized dividend and a yield of 3.82%. Chevron’s payout ratio is currently 121.08%.

A number of institutional investors have recently added to or reduced their stakes in CVX. Capital International Investors increased its stake in Chevron by 157.4% in the third quarter. Capital International Investors now owns 23,757,783 shares of the oil and gas company’s stock valued at $2,905,102,000 after purchasing an additional 14,528,219 shares during the last quarter. Charles Schwab Investment Advisory Inc. acquired a new position in Chevron in the second quarter valued at $413,622,000. Standard Life Aberdeen plc increased its stake in Chevron by 78.9% in the second quarter. Standard Life Aberdeen plc now owns 6,790,689 shares of the oil and gas company’s stock valued at $858,547,000 after purchasing an additional 2,994,612 shares during the last quarter. Renaissance Technologies LLC increased its stake in Chevron by 320.3% in the third quarter. Renaissance Technologies LLC now owns 2,855,084 shares of the oil and gas company’s stock valued at $349,120,000 after purchasing an additional 2,175,800 shares during the last quarter. Finally, Cornerstone Wealth Management LLC increased its stake in Chevron by 12,404.4% in the second quarter. Cornerstone Wealth Management LLC now owns 1,938,051 shares of the oil and gas company’s stock valued at $15,598,000 after purchasing an additional 1,922,552 shares during the last quarter. Hedge funds and other institutional investors own 64.67% of the company’s stock.

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About Chevron (NYSE:CVX)

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

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