Short Interest in Chevron Co. (NYSE:CVX) Drops By 11.0%

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Chevron Co. (NYSE:CVX) saw a large drop in short interest in the month of November. As of November 29th, there was short interest totalling 20,130,000 shares, a drop of 11.0% from the November 14th total of 22,630,000 shares. Based on an average daily volume of 5,720,000 shares, the days-to-cover ratio is presently 3.5 days. Currently, 1.1% of the shares of the company are sold short.

In related news, CEO Michael K. Wirth sold 33,750 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $125.00, for a total value of $4,218,750.00. Following the transaction, the chief executive officer now directly owns 33,750 shares of the company’s stock, valued at approximately $4,218,750. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider David A. Inchausti sold 15,000 shares of the firm’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $119.89, for a total value of $1,798,350.00. Following the completion of the transaction, the insider now directly owns 15,000 shares in the company, valued at $1,798,350. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 63,750 shares of company stock worth $7,891,650. 0.31% of the stock is owned by insiders.

Several institutional investors have recently modified their holdings of CVX. Transamerica Financial Advisors Inc. purchased a new position in shares of Chevron during the second quarter valued at about $46,000. CKW Financial Group grew its position in shares of Chevron by 154.0% during the second quarter. CKW Financial Group now owns 414 shares of the oil and gas company’s stock valued at $51,000 after purchasing an additional 251 shares in the last quarter. Quantum Capital Management purchased a new position in shares of Chevron during the third quarter valued at about $51,000. Next Capital Management LLC purchased a new position in shares of Chevron during the second quarter valued at about $52,000. Finally, Vista Private Wealth Partners. LLC purchased a new position in shares of Chevron during the third quarter valued at about $56,000. Hedge funds and other institutional investors own 65.54% of the company’s stock.

NYSE:CVX traded down $0.85 on Friday, reaching $117.96. 4,863,344 shares of the company’s stock traded hands, compared to its average volume of 6,371,225. The company has a quick ratio of 0.93, a current ratio of 1.12 and a debt-to-equity ratio of 0.16. The stock has a 50-day simple moving average of $118.49 and a 200-day simple moving average of $119.78. The firm has a market cap of $219.78 billion, a PE ratio of 14.30, a P/E/G ratio of 4.52 and a beta of 1.01. Chevron has a 12 month low of $100.22 and a 12 month high of $127.34.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, November 1st. The oil and gas company reported $1.36 EPS for the quarter, missing the Zacks’ consensus estimate of $1.47 by ($0.11). The business had revenue of $36.12 billion for the quarter, compared to the consensus estimate of $37.69 billion. Chevron had a net margin of 8.70% and a return on equity of 8.89%. Chevron’s revenue was down 17.9% compared to the same quarter last year. During the same period in the prior year, the business earned $2.11 earnings per share. On average, equities analysts anticipate that Chevron will post 6.42 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th were issued a dividend of $1.19 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $4.76 dividend on an annualized basis and a yield of 4.04%. Chevron’s dividend payout ratio is presently 57.70%.

A number of equities analysts recently commented on the company. BMO Capital Markets assumed coverage on Chevron in a report on Tuesday, August 20th. They issued an “outperform” rating and a $165.00 target price on the stock. Berenberg Bank reaffirmed a “hold” rating and issued a $128.00 target price on shares of Chevron in a report on Thursday. Piper Jaffray Companies assumed coverage on Chevron in a report on Tuesday, November 26th. They issued a “buy” rating and a $143.00 target price on the stock. Independent Research set a $127.00 target price on Chevron and gave the stock a “neutral” rating in a report on Thursday, August 29th. Finally, Barclays assumed coverage on Chevron in a report on Monday, August 19th. They issued an “overweight” rating and a $145.00 target price on the stock. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $135.78.

About Chevron

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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