Investors Buy Chevron Corporation (CVX) on Weakness on Insider Selling
Traders purchased shares of Chevron Corporation (NYSE:CVX) on weakness during trading hours on Thursday after an insider sold shares in the company. $171.06 million flowed into the stock on the tick-up and $93.16 million flowed out of the stock on the tick-down, for a money net flow of $77.90 million into the stock. Of all equities tracked, Chevron Corporation had the 4th highest net in-flow for the day. Chevron Corporation traded down ($0.80) for the day and closed at $114.57Specifically, VP R. Hewitt Pate sold 25,500 shares of the stock in a transaction that occurred 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 sale, the vice president now directly owns 25,500 shares in the company, valued at approximately $3,060,000. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman Michael K. Wirth sold 1,229 shares of the stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $118.00, for a total value of $145,022.00. Following the sale, the insider now owns 1,229 shares in the company, valued at $145,022. The disclosure for this sale can be found here. Over the last quarter, insiders bought 41,000 shares of company stock worth $5,420 and sold 49,979 shares worth $5,921,785. Corporate insiders own 0.38% of the company’s stock.
A number of equities research analysts recently commented on CVX shares. Morgan Stanley increased their price target on Chevron Corporation from $120.00 to $130.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 18th. Barclays PLC increased their price target on Chevron Corporation from $120.00 to $130.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 10th. Piper Jaffray Companies set a $119.00 price target on Chevron Corporation and gave the stock a “buy” rating in a research report on Friday, August 25th. Jefferies Group LLC set a $130.00 price target on Chevron Corporation and gave the stock a “buy” rating in a research report on Tuesday, August 29th. Finally, Scotiabank reaffirmed a “buy” rating on shares of Chevron Corporation in a report on Friday, September 15th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and sixteen have issued a buy rating to the company. Chevron Corporation currently has an average rating of “Hold” and an average price target of $120.63.
The company has a market capitalization of $217,610.00, a price-to-earnings ratio of 32.75, a PEG ratio of 3.91 and a beta of 1.22. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.04 and a quick ratio of 0.84.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 11th. Stockholders of record on Friday, November 17th will be issued a $1.08 dividend. This represents a $4.32 annualized dividend and a dividend yield of 3.77%. The ex-dividend date of this dividend is Thursday, November 16th. Chevron Corporation’s payout ratio is 125.95%.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Shine Investment Advisory Services Inc. bought a new position in shares of Chevron Corporation in the 2nd quarter valued at about $106,000. Thompson Davis & CO. Inc. grew its holdings in shares of Chevron Corporation by 20.0% in the 1st quarter. Thompson Davis & CO. Inc. now owns 1,146 shares of the oil and gas company’s stock valued at $123,000 after acquiring an additional 191 shares in the last quarter. Winfield Associates Inc. grew its holdings in shares of Chevron Corporation by 5.1% in the 2nd quarter. Winfield Associates Inc. now owns 1,301 shares of the oil and gas company’s stock valued at $136,000 after acquiring an additional 63 shares in the last quarter. Daiwa SB Investments Ltd. grew its holdings in shares of Chevron Corporation by 438.5% in the 2nd quarter. Daiwa SB Investments Ltd. now owns 1,400 shares of the oil and gas company’s stock valued at $146,000 after acquiring an additional 1,140 shares in the last quarter. Finally, Acrospire Investment Management LLC grew its holdings in shares of Chevron Corporation by 133.3% in the 2nd quarter. Acrospire Investment Management LLC now owns 1,400 shares of the oil and gas company’s stock valued at $146,000 after acquiring an additional 800 shares in the last quarter. Institutional investors own 63.03% of the company’s stock.
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Chevron Corporation 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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