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Jeff B. Gustavson, Vice President at Chevron Corp (NYSE:CVX), a prominent player in the Oil, Gas & Consumable Fuels industry with a market capitalization of $282.5 billion, has recently sold a significant amount of company stock, according to a recent SEC filing. According to InvestingPro analysis, Chevron currently trades near its 52-week high of $167.11. On February 7, Gustavson sold 9,325 shares of Chevron common stock at an average price of $152.505 per share, totaling approximately $1.42 million.
In a related transaction on the same day, Gustavson exercised stock options to acquire 9,325 shares at a price of $83.29 per share. After these transactions, Gustavson holds 1,057 shares directly and an additional 3 shares indirectly through a 401(k) plan.
The transactions were filed with the SEC on February 11, 2025.
In other recent news, Chevron Corp’s oil and gas reserves have hit a decade low, sparking concerns among investors and analysts. The company’s reserves fell to 9.8 billion barrels of oil equivalent by the end of 2024, a significant decrease from the previous year. Scotiabank (TSX:BNS) analyst Paul Cheng has labeled this as a "red flag" for Chevron’s future prospects. Concurrently, Chevron’s planned acquisition of Hess Corporation (NYSE:HES), which would grant it a 30% stake in the Guyana oilfields, has been stalled due to a legal dispute with Exxon Mobil Corp (NYSE:XOM).
In addition, Mizuho (NYSE:MFG) Securities recently raised Chevron’s stock price target to $203, reflecting the company’s potential to generate an additional $10 billion in free cash flow by 2026. However, Truist Securities and Barclays (LON:BARC) have adjusted their price targets for Chevron to $160 and $171 respectively, citing expected slowdowns in production growth and high capital spending.
These developments have drawn the attention of investors, as they could significantly impact Chevron’s financial performance and strategic direction. As the situation unfolds, the energy sector will be keeping a close eye on Chevron’s reserve replacement ratio, the outcome of the Hess acquisition dispute, and the company’s ability to meet its cash flow targets.
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