Mill Capital Management LLC Makes New $4.53 Million Investment in Chevron Corporation $CVX

Key Points

• Mill Capital Management initiated a $4.53 million position in Chevron by purchasing 27,354 shares, while institutional investors collectively own 72.42% of the company.
• Analysts remain broadly positive, with 20 Buy ratings, a consensus “Moderate Buy” rating, and an average price target of $207.48.
• Chevron beat quarterly expectations with $6.06 in EPS and $67.2 billion in revenue, and declared a quarterly dividend of $1.78, equivalent to a 3.6% annualized yield.

Mill Capital Management LLC bought a new stake in shares of Chevron Corporation (NYSE:CVX - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 27,354 shares of the oil and gas company's stock, valued at approximately $4,534,000.

A number of other large investors also recently made changes to their positions in CVX. Norges Bank acquired a new stake in shares of Chevron during the fourth quarter worth $3,727,586,000. State Street Corp lifted its stake in Chevron by 9.1% in the third quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company's stock valued at $23,698,184,000 after buying an additional 12,789,399 shares during the period. Berkshire Hathaway Inc lifted its stake in Chevron by 6.6% in the fourth quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company's stock valued at $19,837,131,000 after buying an additional 8,091,570 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in Chevron by 822.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 6,211,258 shares of the oil and gas company's stock worth $946,658,000 after buying an additional 5,537,580 shares during the last quarter. Finally, Aristotle Capital Management LLC boosted its holdings in Chevron by 653.0% during the first quarter. Aristotle Capital Management LLC now owns 4,526,223 shares of the oil and gas company's stock worth $936,492,000 after buying an additional 3,925,137 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CVX. Jefferies Financial Group reaffirmed a "buy" rating and issued a $216.00 price target on shares of Chevron in a research note on Friday, July 10th. Weiss Ratings raised shares of Chevron from a "hold (c)" rating to a "buy (b)" rating in a research note on Tuesday. Sanford C. Bernstein lifted their price objective on shares of Chevron from $204.00 to $209.00 and gave the stock a "market perform" rating in a research note on Monday, August 3rd. Dbs Bank upgraded shares of Chevron to a "moderate buy" rating in a report on Thursday, August 6th. Finally, Bank of America upped their target price on shares of Chevron from $210.00 to $227.00 and gave the company a "buy" rating in a research note on Tuesday, July 28th. Twenty equities research 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 MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $207.48.

Insider Buying and Selling

In other Chevron news, Director John B. Hess sold 100,000 shares of Chevron stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $194.26, for a total value of $19,426,000.00. Following the transaction, the director owned 178,045 shares of the company's stock, valued at approximately $34,587,021.70. The trade was a 35.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Michael K. Wirth sold 5,547 shares of the company's stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $187.00, for a total transaction of $1,037,289.00. Following the completion of the transaction, the chief executive officer owned 26,308 shares of the company's stock, valued at $4,919,596. This trade represents a 17.41% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 1,196,212 shares of company stock valued at $231,819,366. 0.56% of the stock is owned by company insiders.

Chevron Stock Up 1.2%

NYSE:CVX opened at $199.99 on Friday. Chevron Corporation has a 1 year low of $146.49 and a 1 year high of $214.71. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19. The stock has a market cap of $395.13 billion, a price-to-earnings ratio of 19.17, a PEG ratio of 0.60 and a beta of 0.49. The stock has a 50-day moving average price of $183.30 and a two-hundred day moving average price of $186.88.

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

Chevron Announces Dividend

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

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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