Ieq Capital LLC Boosts Holdings in Chevron Corporation $CVX

Ieq Capital LLC raised its stake in Chevron Corporation (NYSE:CVX) by 14.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 106,883 shares of the oil and gas company’s stock after acquiring an additional 13,283 shares during the quarter. Ieq Capital LLC’s holdings in Chevron were worth $17,881,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of CVX. Harvest Fund Management Co. Ltd increased 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 buying an additional 122 shares during the last quarter. Elequin Capital LP bought a new position in shares of Chevron during the 1st quarter worth $31,000. 10Elms LLP purchased a new stake in Chevron in the 4th quarter worth about $29,000. IFS Advisors LLC raised its stake in Chevron by 119.6% in the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company’s stock valued at $36,000 after acquiring an additional 116 shares during the period. Finally, Navigoe LLC purchased a new stake in Chevron during the fourth quarter valued at about $33,000. 72.42% of the stock is owned by institutional investors.

Insider Activity at Chevron

In related news, Director John B. Hess sold 375,000 shares of the firm’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the transaction, the director directly owned 1,403,045 shares of the company’s stock, valued at approximately $222,102,023.50. This trade represents a 21.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.20% of the company’s stock.

Chevron Price Performance

Chevron stock opened at $157.43 on Wednesday. The stock has a market cap of $272.04 billion, a price-to-earnings ratio of 20.26, a PEG ratio of 2.35 and a beta of 0.87. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. The business has a 50-day simple moving average of $151.62 and a 200 day simple moving average of $148.71. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96.

Chevron (NYSE:CVX) last issued its quarterly 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. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The firm had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. During the same quarter last year, the company posted $2.55 EPS. The company’s revenue for the quarter was down 12.4% on a year-over-year basis. On average, research analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th will be given a $1.71 dividend. The ex-dividend date is Tuesday, August 19th. This represents a $6.84 annualized dividend and a yield of 4.3%. Chevron’s payout ratio is 88.03%.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Barclays reissued an “equal weight” rating on shares of Chevron in a research report on Tuesday, July 15th. Wells Fargo & Company restated an “overweight” rating and set a $178.00 target price on shares of Chevron in a research report on Friday, August 1st. Scotiabank reaffirmed a “sector perform” rating and issued a $160.00 price target (up from $143.00) on shares of Chevron in a report on Friday, July 11th. Piper Sandler boosted their price objective on Chevron from $164.00 to $168.00 and gave the company an “overweight” rating in a research note on Monday, August 18th. Finally, TD Cowen increased 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 equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus 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.