ICONIQ Capital LLC Acquires 2,766 Shares of Chevron Corporation $CVX

Key Points

• ICONIQ Capital LLC increased its holdings in Chemron Corporation by 53.6%, acquiring an additional 2,766 shares, bringing its total to 7,922 shares valued at approximately $1.325 million.
• Analysts have mixed reviews on Chevron, with Hsbc Global Res downgrading the stock to "hold" while Piper Sandler raised their price objective from $164 to $168, indicating a bullish outlook.
• Chevron announced a quarterly dividend of $1.71 to be paid on September 10, marking an annualized dividend yield of 4.3% with a payout ratio of 88.03%.

ICONIQ Capital LLC grew its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 53.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,922 shares of the oil and gas company's stock after acquiring an additional 2,766 shares during the period. ICONIQ Capital LLC's holdings in Chevron were worth $1,325,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in CVX. Harvest Fund Management Co. Ltd raised its position in Chevron by 420.7% in the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock worth $25,000 after acquiring an additional 122 shares during the period. 10Elms LLP bought a new position in Chevron in the fourth quarter worth approximately $29,000. Elequin Capital LP bought a new position in Chevron in the first quarter worth approximately $31,000. Navigoe LLC bought a new position in Chevron in the fourth quarter worth approximately $33,000. Finally, IFS Advisors LLC increased its stake in shares of Chevron by 119.6% in the first quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock worth $36,000 after purchasing an additional 116 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on CVX shares. Hsbc Global Res downgraded shares of Chevron from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 13th. Barclays restated an "equal weight" rating on shares of Chevron in a research report on Tuesday, July 15th. Piper Sandler raised their price objective on shares of Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a research report on Monday, August 18th. TD Cowen raised their price objective on shares of Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a research report on Monday, August 4th. Finally, Jefferies Financial Group restated a "buy" rating on shares of Chevron in a research report on Friday, July 18th. Eleven investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, Chevron currently has a consensus rating of "Hold" and an average price target of $163.95.

Chevron Stock Performance

CVX opened at $157.8970 on Friday. The stock has a market capitalization of $272.84 billion, a price-to-earnings ratio of 20.32, a PEG ratio of 2.35 and a beta of 0.87. The company has a fifty day moving average of $151.21 and a 200 day moving average of $148.63. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00.

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

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th will be paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date of this dividend is Tuesday, August 19th. Chevron's dividend payout ratio (DPR) is presently 88.03%.

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.

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