Perigon Wealth Management LLC Decreases Stock Position in Chevron Co. (NYSE:CVX)

Perigon Wealth Management LLC lowered its stake in Chevron Co. (NYSE:CVX) by 0.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 35,827 shares of the oil and gas company’s stock after selling 188 shares during the period. Chevron makes up approximately 1.0% of Perigon Wealth Management LLC’s holdings, making the stock its 25th largest holding. Perigon Wealth Management LLC’s holdings in Chevron were worth $4,458,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Thoroughbred Financial Services LLC increased its holdings in Chevron by 12,204.4% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 3,259,805 shares of the oil and gas company’s stock valued at $325,980,000 after purchasing an additional 3,233,312 shares during the period. PGGM Investments purchased a new position in Chevron during the 2nd quarter valued at about $164,371,000. Nordea Investment Management AB increased its holdings in Chevron by 298.6% during the 4th quarter. Nordea Investment Management AB now owns 1,695,198 shares of the oil and gas company’s stock valued at $184,416,000 after purchasing an additional 1,269,889 shares during the period. Diamond Hill Capital Management Inc. purchased a new position in Chevron during the 2nd quarter valued at about $133,556,000. Finally, Royal London Asset Management Ltd. purchased a new position in Chevron during the 4th quarter valued at about $88,758,000. Hedge funds and other institutional investors own 66.45% of the company’s stock.

CVX stock opened at $116.89 on Friday. Chevron Co. has a fifty-two week low of $100.22 and a fifty-two week high of $127.60. The business’s 50 day moving average price is $122.30 and its two-hundred day moving average price is $121.40. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 1.15. The company has a market capitalization of $220.46 billion, a price-to-earnings ratio of 14.17, a price-to-earnings-growth ratio of 2.80 and a beta of 1.00.

Chevron (NYSE:CVX) last posted its earnings results on Friday, August 2nd. The oil and gas company reported $2.27 earnings per share for the quarter, topping analysts’ consensus estimates of $1.74 by $0.53. Chevron had a return on equity of 9.58% and a net margin of 9.18%. The firm had revenue of $38.85 billion for the quarter, compared to the consensus estimate of $40.14 billion. During the same quarter in the prior year, the business earned $1.78 EPS. The business’s revenue for the quarter was down 8.0% on a year-over-year basis. Sell-side analysts forecast that Chevron Co. will post 6.93 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th will be issued a dividend of $1.19 per share. The ex-dividend date of this dividend is Friday, August 16th. This represents a $4.76 dividend on an annualized basis and a dividend yield of 4.07%. Chevron’s dividend payout ratio (DPR) is 57.70%.

In other news, Chairman Michael K. Wirth sold 33,750 shares of the business’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $125.60, for a total value of $4,239,000.00. Following the sale, the chairman now directly owns 33,750 shares of the company’s stock, valued at approximately $4,239,000. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Joseph C. Geagea sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $122.97, for a total value of $1,229,700.00. Following the completion of the sale, the executive vice president now directly owns 11,243 shares in the company, valued at $1,382,551.71. The disclosure for this sale can be found here. Insiders have sold a total of 51,750 shares of company stock worth $6,448,700 in the last quarter. Company insiders own 0.31% of the company’s stock.

A number of research analysts recently issued reports on CVX shares. Zacks Investment Research downgraded Chevron from a “buy” rating to a “hold” rating in a report on Tuesday, May 7th. BMO Capital Markets started coverage on Chevron in a report on Tuesday. They set an “outperform” rating and a $165.00 price target on the stock. Morgan Stanley reduced their price target on Chevron from $146.00 to $144.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. Barclays started coverage on Chevron in a report on Monday. They set an “overweight” rating and a $145.00 price target on the stock. Finally, Citigroup started coverage on Chevron in a report on Monday, May 13th. They set a “buy” rating and a $135.00 price target on the stock. Five investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Chevron currently has a consensus rating of “Buy” and an average price target of $136.78.

About Chevron

Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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