Ieq Capital LLC Grows Holdings in Chevron Corporation $CVX

Key Points

• Ieq Capital LLC increased its stake in Chevron Corporation by 14.2%, holding 106,883 shares worth approximately $17.9 million after acquiring an additional 13,283 shares.
• Chevron's recent earnings report showed earnings per share of $1.77, beating analysts' estimates, but revenue declined 12.4% year-over-year.
• The company announced a quarterly dividend of $1.71, representing a yield of 4.3% and an annualized payout of $6.84.

Ieq Capital LLC grew its stake in Chevron Corporation (NYSE:CVX - Free Report) by 14.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 106,883 shares of the oil and gas company's stock after buying an additional 13,283 shares during the period. Ieq Capital LLC's holdings in Chevron were worth $17,881,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Eagle Capital Management LLC lifted its holdings in shares of Chevron by 0.7% in the 4th quarter. Eagle Capital Management LLC now owns 34,600 shares of the oil and gas company's stock worth $5,011,000 after acquiring an additional 242 shares during the last quarter. Bank Pictet & Cie Europe AG lifted its holdings in shares of Chevron by 7.9% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 35,985 shares of the oil and gas company's stock worth $5,212,000 after acquiring an additional 2,641 shares during the last quarter. Bellwether Advisors LLC bought a new stake in shares of Chevron in the 4th quarter worth approximately $51,000. The Manufacturers Life Insurance Company lifted its holdings in shares of Chevron by 2.4% in the 4th quarter. The Manufacturers Life Insurance Company now owns 1,314,491 shares of the oil and gas company's stock worth $190,391,000 after acquiring an additional 30,906 shares during the last quarter. Finally, Owen LaRue LLC lifted its holdings in shares of Chevron by 8.6% in the 4th quarter. Owen LaRue LLC now owns 5,689 shares of the oil and gas company's stock worth $824,000 after acquiring an additional 452 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Analysts Set New Price Targets

CVX has been the subject of a number of recent research reports. Morgan Stanley started coverage on shares of Chevron in a report on Monday, August 4th. They issued an "overweight" rating and a $174.00 price objective for the company. Raymond James Financial reissued an "outperform" rating on shares of Chevron in a report on Friday, August 1st. Melius initiated coverage on shares of Chevron in a research report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price objective on the stock. Piper Sandler boosted 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. Finally, UBS Group boosted their price objective on shares of Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Eleven investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Chevron currently has a consensus rating of "Hold" and a consensus target price of $163.95.

Chevron Trading Up 0.0%

NYSE CVX traded up $0.05 during trading on Thursday, hitting $159.29. The company had a trading volume of 6,501,985 shares, compared to its average volume of 8,245,963. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96. The company has a market cap of $275.26 billion, a price-to-earnings ratio of 20.50, a price-to-earnings-growth ratio of 2.36 and a beta of 0.87. The company's fifty day moving average is $152.06 and its 200-day moving average is $148.80.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping 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 business had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. During the same period in the prior year, the business earned $2.55 EPS. The company's revenue for the quarter was down 12.4% on a year-over-year basis. On average, sell-side analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

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 given a $1.71 dividend. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.3%. Chevron's dividend payout ratio is currently 88.03%.

Insider Buying and Selling at Chevron

In other news, Director John B. Hess sold 375,000 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $158.30, for a total value of $59,362,500.00. Following the sale, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.21% of the stock is owned by corporate insiders.

Chevron Company Profile

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.