Following are recent insider trades by key personnel of Chevron (NYSE:CVX):
- John G. Stumpf, who is a Director, bought 10,000 shares at a market price of $96.43, for a cost of $964,336. He now holds 10,000 shares of Chevron stock.
- John E Bethancourt, who is an Executive Vice President, exercised 28,035 options at a price of $59.12 per option, and subsequently sold 28,035 shares at a market price of $97.50, for net proceeds of $1,076,033. He presently holds 65,102 shares of Chevron stock.
- Michael K. Wirth, who is an Executive Vice President, exercised 16,000 options at a price of $43.13 per option, and subsequently sold 16,000 shares at a market price of $97.88 for net proceeds of $876,027. He presently holds 0 shares of Chevron stock.
- George L. Kirkland, who is Vice Chairman and an Executive Vice President, exercised 85,000 options at a price of $47.06 and subsequently sold 85,000 shares at a market price of $97, for net proceeds of $4,245,470. He presently holds 18,694 shares of Chevron stock.
- Matthew J. Foehr, who is a Vice President & Comptroller, exercised 6,667 options at $56.67 per option, and subsequently sold 6,667 shares at a market price of $96.52, for net proceeds of 265,081. He presently holds 488 shares of Chevron stock.
- Robert J. Eaton, who is a Director, exercised 7,048 options at $36.70 per option. He presently has 40,971 shares of Chevron stock.
Shares of Chevron (NYSE:CVX) have risen since these sales were recorded in February, to a recent high of $104.57, which is just below the 52-week high of $104.99. Chevron (NYSE:CVX) has a market capitalization of $208.88 billion and 2.01 billion shares outstanding. Accordingly, the positions that these insiders hold in Chevron (NYSE:CVX) is minimal, and the company’s fortunes, for better or worse, don’t really affect these insiders.
For some context, following is a table of Chevron’s major institutional investors. Their holdings dwarf those of the company’s insiders.
|Institution Name||Shares held||Shares changed (from previous quarterly report)||% Change (from previous quarterly report)||$ Change (from previous quarterly report)||% of Chevron held||% of institution’s portfolio that the Chevron stake represents||Rpt Date|
|State Street Global Advisors (NYSE:STT)||102,700,864||3,820,448||3.9||1,357,196,160||5.1||1.7||12/31/10|
|Vanguard Group, Inc.||77,342,232||217,796||0.3||806,543,104||3.8||1.2||12/31/10|
|BlackRock Institutional Trust Company, N.A. (NYSE:BLK)||69,413,504||820,184||1.2||774,493,696||3.4||1.1||12/31/10|
|Capital World Investors||63,931,764||1,700,000||2.7||789,888,960||3.2||2||12/31/10|
|Wellington Management Company, LLP||40,534,512||-496,678||-1.2||373,196,256||2||1.4||12/31/10|
|Fidelity Management & Research||29,607,136||-15,914,666||-35||-987,890,880||1.5||0.5||12/31/10|
|T. Rowe Price Associates, Inc.||26,416,100||1,161,865||4.6||363,613,376||1.3||0.8||12/31/10|
|Capital Research Global Investors||18,775,112||-190,000||-1||176,106,624||0.9||0.7||12/31/10|
|JP Morgan Asset Management (NYSE:JPM)||18,698,076||2,949,185||18.7||429,751,808||0.9||1.3||12/31/10|
|Bank of America Merrill Lynch (NYSE:BAC)||16,634,510||251,721||1.5||190,073,984||0.8||1.2||12/31/10|
|State Farm Insurance Companies||16,281,400||0||0||166,070,272||0.8||3.2||12/31/10|
|MFS Investment Management||15,676,482||-447,189||-2.8||123,655,448||0.8||1.6||12/31/10|
|Columbia Management Investment Advisers, LLC||15,392,745||-174,342||-1.1||142,875,584||0.8||1.1||12/31/10|
|Dodge & Cox||15,382,345||-349,312||-2.2||128,588,184||0.8||1.7||12/31/10|
|Northern Trust Investments, N.A. (NASDAQ:NTRS)||14,727,406||-1,522,682||-9.4||26,806,166||0.7||1.3||12/31/10|
|American Funds Washington Mutual Investors Fund||31,881,800||0||0||325,194,368||1.6||5.8||12/31/10|
|Vanguard Total Stock Market Index Fund||21,209,400||-455,638||-2.1||179,406,416||1.1||1.3||12/31/10|
|Vanguard 500 Index Fund||18,019,340||-264,797||-1.4||162,335,456||0.9||1.6||12/31/10|
|SPDR S&P 500 ETF (NYSE:SPY)||15,816,510||1,176,015||8||333,067,808||0.8||1.6||12/31/10|
|Vanguard Institutional Index Fund||15,484,467||717,661||4.9||216,107,984||0.8||1.6||12/31/10|
|American Funds American Balanced Fund||14,672,000||1,900,000||14.9||303,649,408||0.7||4.1||12/31/10|
|Statens Pensjonsfond Utland||12,181,658||3,259,916||36.5||277,924,608||0.6||0.3||12/31/09|
|Vanguard Wellington Fund, Inc.||11,825,200||-487,100||-4||81,137,584||0.6||3||12/31/10|
|American Funds Income Fund of America||11,625,000||0||0||153,333,744||0.6||2.7||9/30/10|
|Energy Select Sector SPDR Fund||11,622,897||1,018,371||9.6||222,412,672||0.6||14.3||9/30/10|
|CREF Stock Account||8,489,096||-752,095||-8.1||60,934,008||0.4||0.7||9/30/10|
|Dodge & Cox Stock Fund||8,401,980||-178,700||-2.1||71,216,560||0.4||1.8||12/31/10|
|Fidelity Spartan 500 Index Fund||7,156,472||-36,051||-0.5||120,205,968||0.4||1.6||12/31/10|
|American Funds Investment Company of America||6,480,000||0||0||66,096,000||0.3||1.1||12/31/10|
|Vanguard Energy Fund||6,084,835||163,800||2.8||75,341,304||0.3||4.6||12/31/10|
The net change in institutional ownership over the last quarter of 2010 is -2,112,288 shares. However, the net change in dollar value terms is $7,509,332,630, indicating an upward trend in Chevron (NYSE:CVX) stock. Despite the insiders’ lack of financial commitment to their company, institutional investors (and individual investors) who have held onto Chevron’s (NYSE:CVX) shares have benefited from its stock appreciation. No doubt many prognosticators are now trying to figure out how the unrest in Libya and the spectre of higher oil (NYSE:USO) prices will affect Chevron’s (NYSE:CVX) stock price in the next quarter or two.