Chevron CEO Michael Wirth sold 272,624 shares of company stock on Monday, March 2nd. The transaction yielded approximately $51.62 million at an average price of $189.35 per share.
Wirth’s direct ownership in the company decreased to 31,266 shares following the sale. The transaction was disclosed in a regulatory filing with the Securities and Exchange Commission.
On the same day as the sale, Bank of America raised its price target for Chevron from $188.00 to $206.00. Analysts attributed this bullish sentiment to geopolitical tensions supporting oil prices and the company’s long-term financial outlook.