Chevron (CVX) CLO R. Hewitt Pate Sells $9.2M of Stock
Key Points
- Chevron Corporation Chief Legal Officer R. Hewitt Pate sold 40,700 shares of CVX stock on October 20, 2026, for a total value of about $9.2 million.
- After the trade, R. Hewitt Pate holds 8,791 $CVX shares, down 82.24% from before the trade.
- The energy company posted trailing-twelve-month revenue of $209.4 billion alongside earnings of $10.60 per share.
- Wall Street currently maintains a consensus buy rating on the stock with a mean price target of $228.88.
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Chevron Corporation Chief Legal Officer R. Hewitt Pate sold 40,700 shares of the energy company's stock on October 20, 2026. According to a Form 4 filed with the Securities and Exchange Commission, the transaction was executed at a price of $226.65 per share, bringing the total value of the sale to approximately $9.2 million. The trade was carried out under a pre-arranged Rule 10b5-1 trading plan. Following the sale, Pate retains 8,791 shares of the company, marking an 82.2% reduction in his direct holdings.
CVX
Chevron Corporation
Inside R. Hewitt Pate's Chevron Trade
The sale by Chevron's chief legal officer represents a substantial reduction in his personal stock ownership. The transaction took place just one day after the stock closed at $224.37 on October 19, 2026. Under the terms disclosed in the SEC filing, Pate parted with the vast majority of his remaining equity stake in the oil and gas producer.
Other Institutional Activity in Chevron Corporation
Other large financial institutions have also adjusted their positions in Chevron recently. Davenport reduced its holdings by 121,618 shares to end with 670,395 shares valued at about $136.9 million. Ninety One UK trimmed its stake by 311,217 shares, leaving it with 2,637,019 shares worth roughly $538.5 million. Meanwhile, Mirae Asset Securities opened a new position with 100,177 shares valued at about $20.5 million, and Waverly Advisors grew its holdings by 5,394 shares to finish with 146,852 shares worth approximately $24.3 million.
Chevron Corporation Stock Up 0.8%
CVX recently traded near $226.77, putting the shares above their 50-day moving average of $207.89 and well above their 200-day moving average of $190.23. The stock sits near its 52-week high of $225.67, representing a significant climb from its 52-week low of $146.49. The company carries a market capitalization of roughly $440.1 billion and a forward P/E ratio of 14.7.
Recent Earnings
Chevron generated $209.4 billion in revenue over the trailing twelve months, alongside $10.60 in earnings per share. The company reported a net profit margin of 9.8% and a return on equity of 12.2%, while year-over-year revenue growth reached 53.5%. Investors will look for updated financial figures when the company releases its next earnings report on October 30, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
5 analysts raised price targets.
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EPS & revenue
EPS beat estimates by 46.5%. Revenue missed estimates by 9.6%.
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Profit surprise
EBITDA beat by 3 percent. Operating income missed by 7 percent.
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Pre-earnings setup
Expectations were about average.
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Analyst signal
5 target raises.
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Earnings quality
Gross margin down 19.4 points. Operating margin down 2.5 points. Positive free cash flow.
Earnings Call Summary
The quarter delivered $1.41 per share in adjusted earnings, beating consensus, but revenue of $47.6 billion fell short of the $52.6 billion street expected. The shortfall was mainly a revenue recognition timing issue from a sharp rise in commodity prices in March, which created about $3 billion in unfavorable mark-to-market effects on derivatives. Core operations remain strong, with Guyana and TCO running at full rates, Asian refineries running hard on Chevron crude, and the company capturing real value from integrating Hess assets. Management stayed disciplined, saying it is too early to change strategy after eight weeks of Middle East conflict.
Guidance Chevron held its full-year capital spending at $18 billion to $19 billion and reaffirmed production growth of 7 percent to 10 percent. The company raised affiliate distribution expectations to over $2 billion above first quarter because TCO, CPChem, and Angola LNG are running strong. At $70 per barrel Brent, cash flow will be solid, and higher prices would boost results further.
Fine but not compelling. Acceptable results that likely do not create a meaningful forward reset.
Dividend
Chevron pays an annual dividend of $7.12 per share, translating to a dividend yield of 3.17%. The company maintains a dividend payout ratio of 67.2%, reflecting the portion of earnings returned to shareholders through regular distributions.
Insider Buying and Selling at Chevron Corporation
Insider transactions at Chevron prior to this sale included several other executive departures from company stock. CEO Michael K. Wirth sold 317,100 shares on August 14, 2026, valued at $63.6 million. Additional insider sales during August included transactions by officers Jeff B. Gustavson, Andrew Benjamin Walz, and Robert Hewitt Pate.
Analysts Set New Price Targets
Wall Street analysts have updated their outlooks on Chevron in recent weeks. HSBC maintains a buy rating with a $250.00 price target as of September 25, 2026. TD Cowen maintains a hold rating with a $225.00 price target as of October 12, 2026, while Morgan Stanley maintains an overweight rating with a $226.00 price target as of October 15, 2026. Overall, the stock holds a consensus buy rating among 24 analysts, with a mean price target of $228.88.
About Chevron Corporation
Headquartered in Houston, Texas, Chevron Corporation operates as an integrated energy and chemical producer with major operations spanning both upstream exploration and downstream refining.
Bottom Line
With executive transactions continuing and the next earnings announcement scheduled for October 30, 2026, market participants will monitor upcoming filings to gauge institutional and insider sentiment in the energy sector.
Related Filing Alerts
Source: R. Hewitt Pate's Form 4 filing on $CVX (Oct 20, 2026). Written by software, not financial advice. How we make alerts