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.