The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Chevron Corporation shares valued at $4,100,000 were sold by Breber Pierre R on Aug 11. At $164.00 per share, Breber Pierre R sold 25,000 shares. The insider’s holdings dropped to 6,021 shares worth approximately $0.95 million following the completion of this transaction.
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Also, GUSTAVSON JEFF B sold 3,750 shares, netting a total of over 603,300 in proceeds. Following the sale of shares at $160.88 each, the insider now holds 1,718 shares.
Before that, MORRIS RHONDA J had sold 19,666 shares from its account. In a trade valued at $3,343,281, the Vice President traded Chevron Corporation shares for $170.00 each. Upon closing the transaction, the insider’s holdings decreased to 19,666 shares, worth approximately $0.63 million.
As published in a research note from Mizuho on August 16, 2023, Chevron Corporation [CVX] has been rated up from a Neutral to a Buy and the price target has been revised to $209 from $205. This represents a 24.43% premium over Thursday’s closing price.
Analyzing CVX Stock Performance
On Thursday, Chevron Corporation [NYSE: CVX] plunged -0.82% to $157.94. The stock’s lowest price that day was $157.56, but it reached a high of $159.89 in the same session. During the last five days, there has been a drop of approximately -1.13%. Over the course of the year, Chevron Corporation shares have dropped approximately -12.01%. Shares of the company reached a 52-week high of $187.81 on 01/26/23 and a 52-week low of $149.74 on 06/01/23. A 50-day SMA is recorded $157.91, while a 200-day SMA reached $165.76. Nevertheless, trading volume fell to 5.99 million shares from 4.98 million shares the previous day.
Support And Resistance Levels for Chevron Corporation (CVX)
According to the 24-hour chart, there is a support level at 157.04, which, if violated, would cause prices to drop to 156.13. In the upper region, resistance lies at 159.37. The next price resistance is at 160.79. RSI (Relative Strength Index) is 45.53 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.51, which suggests the price will decrease in the coming days. Percent R is at 78.58%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Chevron Corporation subject to short interest?
Stocks of Chevron Corporation saw a sharp rise in short interest on Jul 30, 2023 jumping by 0.73 million shares to 19.65 million. Data from Yahoo Finance shows that the short interest on Jun 29, 2023 was 18.92 million shares. A jump of 3.72% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 2.87 of the overall float, the days-to-cover ratio (short ratio) jumped to 2.87.
Which companies own the most shares of Chevron Corporation (CVX)?
According to The Vanguard Group, Inc. filings, the company currently owns 154,358,077 shares, which is about 8.26% of the total CVX shares outstanding. The investor’s shares have appreciated by 1,204,188 from its previous 13-F filing of 153153889.0 shares. With the completion of the sale transaction, Berkshire Hathaway, Inc.’s stake is now worth $20,149,838,839. SSgA Funds Management, Inc. reduced a -4.00% interest valued at $19.77 billion while BlackRock Fund Advisors sold a -5,997,286 stake. A total of -74,448 shares of Chevron Corporation were sold by Geode Capital Management LLC during the quarter, and 199,759 were bought by Charles Schwab Investment Managem. In its current portfolio, Northern Trust Investments, Inc. holds 20,395,939 shares valued at $3.34 billion.
In terms of Chevron Corporation share price expectations, FactSet research, analysts set an average price target of $185.62 in the next 12 months, up nearly 13.34% from the previous closing price of $159.25. Analysts anticipate Chevron Corporation stock to reach $209.00 by 2023, with the lowest price target being $165.00. In spite of this, 28 analysts ranked Chevron Corporation stock as an Overweight at the end of 2023.