Baxter Bros Inc. Buys Shares of 64,215 Chevron Corporation $CVX

Key Points

• Baxter Bros Inc. bought 64,215 Chevron shares worth approximately $10.6 million in the second quarter, making Chevron its 24th-largest holding and 1.2% of its portfolio. Other institutional investors also initiated positions, while institutions collectively own 72.42% of Chevron.
• Chevron reported strong quarterly results, with $6.06 EPS beating estimates of $5.55 and revenue of $67.2 billion rising 57.4% year over year. The company also declared a quarterly dividend of $1.78 per share, equivalent to a 3.6% annualized yield.
• Analysts maintain a favorable outlook, with 20 Buy ratings, five Holds and one Sell, producing a consensus “Moderate Buy” rating and an average price target of $207.48. However, company insiders sold 1.2 million shares worth $231.8 million over the past three months.

Baxter Bros Inc. purchased a new position in shares of Chevron Corporation (NYSE:CVX - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 64,215 shares of the oil and gas company's stock, valued at approximately $10,644,000. Chevron comprises approximately 1.2% of Baxter Bros Inc.'s portfolio, making the stock its 24th largest holding.

A number of other large investors also recently bought and sold shares of CVX. Uniting Wealth Partners LLC purchased a new position in shares of Chevron during the second quarter worth approximately $1,058,000. Wealth Effects LLC purchased a new stake in shares of Chevron in the second quarter valued at approximately $2,436,000. Trivium Point Advisory LLC purchased a new stake in shares of Chevron in the second quarter valued at approximately $4,061,000. Longfellow Investment Management Co. LLC bought a new position in Chevron in the second quarter worth approximately $1,312,000. Finally, Chase Investment Counsel Corp purchased a new position in Chevron during the 2nd quarter worth $549,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Insiders Place Their Bets

In other Chevron news, CEO Michael K. Wirth sold 5,547 shares of the stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $187.00, for a total value of $1,037,289.00. Following the completion of the sale, the chief executive officer directly owned 26,308 shares in the company, valued at approximately $4,919,596. This trade represents a 17.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John B. Hess sold 100,000 shares of the firm's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $194.26, for a total value of $19,426,000.00. Following the completion of the sale, the director directly owned 178,045 shares of the company's stock, valued at approximately $34,587,021.70. This represents a 35.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,196,212 shares of company stock valued at $231,819,366 in the last three months. Insiders own 0.56% of the company's stock.

Chevron Stock Performance

CVX stock opened at $199.99 on Monday. Chevron Corporation has a one year low of $146.49 and a one year high of $214.71. The firm has a market cap of $395.13 billion, a price-to-earnings ratio of 19.17, a PEG ratio of 0.61 and a beta of 0.49. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25. The firm has a 50-day simple moving average of $183.30 and a two-hundred day simple moving average of $187.01.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.55 by $0.51. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The firm had revenue of $67.20 billion for the quarter, compared to the consensus estimate of $62.72 billion. During the same quarter in the previous year, the firm earned $1.77 EPS. The company's quarterly revenue was up 57.4% compared to the same quarter last year. On average, equities analysts forecast that Chevron Corporation will post 15.86 EPS for the current fiscal year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be issued a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Wednesday, August 19th. Chevron's dividend payout ratio is currently 68.26%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CVX. Morgan Stanley decreased their target price on Chevron from $214.00 to $210.00 and set an "overweight" rating for the company in a research report on Monday, June 29th. Bank of America increased their price target on Chevron from $210.00 to $227.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th. The Goldman Sachs Group restated a "buy" rating and set a $216.00 price target on shares of Chevron in a research note on Wednesday, May 6th. Wolfe Research upgraded Chevron from a "peer perform" rating to an "outperform" rating and set a $210.00 price objective for the company in a report on Thursday, July 2nd. Finally, Jefferies Financial Group reaffirmed a "buy" rating and issued a $216.00 price objective on shares of Chevron in a research note on Friday, July 10th. Twenty analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Chevron presently has a consensus rating of "Moderate Buy" and an average price target of $207.48.

About Chevron

Chevron Corporation NYSE: CVX is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron's core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.

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