Baird Financial Group Inc. Reduces Holdings in Chevron Corporation $CVX

Key Points

• Baird Financial Group Inc. has reduced its stake in Chevron Corporation (CVX) by 0.5%, owning approximately 1.7 million shares valued at $283.9 million after selling 8,388 shares in the first quarter.
• Chevron's quarterly earnings beat estimates, with an EPS of $1.77, but revenue fell 12.4% year-over-year, totaling $44.82 billion compared to $44.59 billion expected.
• The company recently declared a quarterly dividend of $1.71 per share, resulting in an annualized yield of 4.3%, with a dividend payout ratio currently at 88.03%.

Baird Financial Group Inc. lowered its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 0.5% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 1,696,911 shares of the oil and gas company's stock after selling 8,388 shares during the period. Baird Financial Group Inc. owned about 0.10% of Chevron worth $283,876,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of CVX. Eagle Capital Management LLC grew its position in shares of Chevron by 0.7% during the 4th quarter. Eagle Capital Management LLC now owns 34,600 shares of the oil and gas company's stock valued at $5,011,000 after acquiring an additional 242 shares during the period. Bank Pictet & Cie Europe AG grew its position in shares of Chevron by 7.9% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 35,985 shares of the oil and gas company's stock valued at $5,212,000 after acquiring an additional 2,641 shares during the period. Pennington Partners & CO. LLC acquired a new stake in shares of Chevron during the 4th quarter valued at about $438,000. Wahed Invest LLC grew its position in shares of Chevron by 3.8% during the 4th quarter. Wahed Invest LLC now owns 43,068 shares of the oil and gas company's stock valued at $6,238,000 after acquiring an additional 1,565 shares during the period. Finally, Gallagher Fiduciary Advisors LLC grew its position in shares of Chevron by 19.5% during the 4th quarter. Gallagher Fiduciary Advisors LLC now owns 10,685 shares of the oil and gas company's stock valued at $1,548,000 after acquiring an additional 1,743 shares during the period. Hedge funds and other institutional investors own 72.42% of the company's stock.

Insider Transactions at Chevron

In related news, Director John B. Hess sold 375,000 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the completion of the transaction, the director directly owned 1,403,045 shares of the company's stock, valued at $222,102,023.50. This represents a 21.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.20% of the stock is owned by corporate insiders.

Chevron Trading Up 0.7%

NYSE CVX traded up $1.06 on Tuesday, reaching $161.66. The stock had a trading volume of 5,287,844 shares, compared to its average volume of 9,274,003. The firm has a market capitalization of $279.34 billion, a price-to-earnings ratio of 20.81, a P/E/G ratio of 2.38 and a beta of 0.90. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. The stock has a fifty day moving average price of $152.56 and a two-hundred day moving average price of $148.77.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.58 by $0.19. The company had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The firm's quarterly revenue was down 12.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.55 earnings per share. As a group, sell-side analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th will be paid a dividend of $1.71 per share. The ex-dividend date is Tuesday, August 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.2%. Chevron's dividend payout ratio is 88.03%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Wells Fargo & Company reiterated an "overweight" rating and issued a $178.00 price objective on shares of Chevron in a report on Friday, August 1st. Evercore ISI reiterated an "outperform" rating and issued a $180.00 price objective on shares of Chevron in a report on Thursday, July 31st. Scotiabank reiterated a "sector perform" rating and issued a $160.00 price objective (up from $143.00) on shares of Chevron in a report on Friday, July 11th. Jefferies Financial Group reiterated a "buy" rating on shares of Chevron in a report on Friday, July 18th. Finally, TD Cowen lifted their price objective on Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a report on Monday, August 4th. Eleven investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $163.95.

About Chevron

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.