Insider Trading February 3, 2026

Chevron CFO Executes Option Exercise and Stock Sales Totaling About $5.6 Million

Eimear P. Bonner sold and acquired CVX shares across January filings while company draws mixed analyst reactions and geopolitical shifts stir the oil sector

By Leila Farooq CVX
Chevron CFO Executes Option Exercise and Stock Sales Totaling About $5.6 Million
CVX

Chevron Chief Financial Officer Eimear P. Bonner carried out a sequence of stock transactions at the end of January 2026, selling 32,100 shares for roughly $5.6 million while simultaneously acquiring the same number of shares via option exercise. The moves were made under a pre-established trading plan and were followed by additional disposals and restricted stock unit deliveries. Market commentary from several large financial firms and a potential U.S. policy change on Venezuelan oil were noted alongside Chevron's dividend track record and a professional research assessment that flagged the stock as undervalued with a strong financial health rating.

Key Points

  • CFO Eimear P. Bonner sold 32,100 shares on January 30, 2026 at $175.00 to $175.03 per share, totaling about $5.6 million, and simultaneously exercised options to acquire 32,100 shares at $132.69 per share for $4,259,349.
  • Additional transactions on January 31 included disposals of 7,001 shares and 661 shares at $176.90, plus deliveries of 7,001 and 1,679 shares via Restricted Stock Units; the sales were carried out under a Rule 10b5-1 plan adopted February 24, 2025.
  • Market context: Chevron shares traded at $178.04 near a 52-week high of $178.82 with a 21.59% return over the past year; a professional research analysis labeled the stock undervalued and assigned a "GREAT" financial health score, while analysts at BMO Capital, JPMorgan and HSBC revised price targets and recommendations.

Transaction summary

Chevron (NYSE: CVX) Chief Financial Officer Eimear P. Bonner reported a set of transactions dated January 30 and 31, 2026, in a Form 4 filing with the Securities and Exchange Commission. On January 30, Bonner sold 32,100 shares of Chevron common stock at prices between $175.00 and $175.03, producing gross proceeds of approximately $5.6 million.

Concurrently, Bonner exercised Non-Qualified Stock Options to acquire 32,100 shares on January 30 at an exercise price of $132.69 per share. That option exercise reflected a total outlay of $4,259,349.

The following day, January 31, further activity was reported. Bonner sold 7,001 shares at $176.90 for proceeds of $1,238,476 and disposed of an additional 661 shares at $176.90 for $116,930. Also on January 31, Bonner received shares through equity compensation: 7,001 shares and 1,679 shares were delivered via Restricted Stock Units.


Plan details and market context

The share sales were executed under a Rule 10b5-1 trading plan that Bonner established on February 24, 2025. At the time of the reported transactions, Chevron's stock was trading at $178.04, close to a 52-week high of $178.82, and the shares have returned 21.59% over the trailing 12 months.

Separately, a professional research analysis included with the company data flagged Chevron as currently undervalued and assigned the company an overall financial health score described as "GREAT." Chevron's dividend record was also noted: the company has increased its dividend for 38 consecutive years and offers a yield of 4%.


Analyst moves and company outlook

Several large financial firms have recently updated their views on Chevron. BMO Capital raised its price target to $190, citing stronger-than-expected fourth-quarter results and a favorable outlook toward 2030 that anticipates growth in production, earnings, and free cash flow. JPMorgan lifted its price target to $181 and highlighted anticipated cost savings from the recent HES merger, projecting $3-4 billion in annual savings by 2026. HSBC moved in a different direction on recommendation, downgrading Chevron from Buy to Hold, while raising its price target to $180 and acknowledging the company’s cash flow growth and financial discipline.


Sector developments

Beyond company-specific coverage, policy shifts in the oil sector were reported that could influence market dynamics. U.S. authorities are reportedly preparing to issue a general license that would permit oil and gas production in Venezuela. That potential policy change has already prompted activity by market participants, with Mercuria Energy Group Ltd. engaging Venezuela’s state oil company PDVSA to explore oil purchases.


Takeaway

The filings show coordinated option exercise and share sales by Chevron’s CFO under an established trading plan, producing substantial gross proceeds while also increasing her holdings via option exercise and equity deliveries. The transactions occurred against a backdrop of near-term analyst revisions to price targets, company commentary on cost savings following a merger, and emerging geopolitical policy shifts affecting Venezuelan production. The firm’s long-running dividend streak and a professional analysis that labels Chevron undervalued with strong financial health were also highlighted in the filings and market updates.

Risks

  • Analyst outlooks diverge - while some firms raised price targets and highlighted cost savings and growth potential, one major bank downgraded the stock to Hold, reflecting differing views that could influence investor sentiment and market valuation - this affects equity investors and financial markets.
  • Geopolitical and policy uncertainty - a potential U.S. general license to allow oil and gas production in Venezuela introduces uncertainty for supply dynamics and could influence global oil markets and company supply assumptions - this impacts the broader energy sector and commodity markets.
  • Insider transactions under a Rule 10b5-1 plan may limit immediate inference about management’s forward-looking views since sales were executed pursuant to a pre-set plan adopted in February 2025 - this affects those seeking directional signals from insider activity.

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