Perigon Wealth Management LLC Sells 13,405 Shares of Chevron Corporation $CVX

Perigon Wealth Management LLC cut its position in Chevron Corporation (NYSE:CVX) by 17.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 61,573 shares of the oil and gas company’s stock after selling 13,405 shares during the quarter. Perigon Wealth Management LLC’s holdings in Chevron were worth $8,817,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Two Sigma Investments LP boosted its stake in Chevron by 84.5% during the fourth quarter. Two Sigma Investments LP now owns 35,171 shares of the oil and gas company’s stock worth $5,094,000 after acquiring an additional 16,104 shares in the last quarter. Park Square Financial Group LLC acquired a new position in Chevron during the fourth quarter worth $103,000. Probity Advisors Inc. raised its holdings in shares of Chevron by 3.4% in the fourth quarter. Probity Advisors Inc. now owns 3,260 shares of the oil and gas company’s stock valued at $472,000 after purchasing an additional 106 shares during the last quarter. Copia Wealth Management purchased a new stake in shares of Chevron in the fourth quarter valued at about $140,000. Finally, Old North State Trust LLC increased its holdings in Chevron by 4.0% during the fourth quarter. Old North State Trust LLC now owns 2,652 shares of the oil and gas company’s stock worth $384,000 after buying an additional 103 shares during the last quarter. 72.42% of the stock is owned by institutional investors.

Insider Activity

In related news, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $160.00, for a total transaction of $636,480.00. Following the sale, the vice president directly owned 1,181 shares of the company’s stock, valued at approximately $188,960. This represents a 77.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John B. Hess sold 375,000 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the sale, the director directly owned 1,403,045 shares in the company, valued at $222,102,023.50. This trade represents a 21.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.21% of the company’s stock.

Chevron Stock Up 1.1%

NYSE:CVX opened at $159.15 on Thursday. The firm’s 50-day moving average price is $155.64 and its 200-day moving average price is $149.09. The company has a market capitalization of $275.00 billion, a PE ratio of 20.48, a P/E/G ratio of 1.97 and a beta of 0.90. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96.

Chevron (NYSE:CVX) last released its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.19. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. During the same period in the prior year, the firm earned $2.55 EPS. The company’s revenue was down 12.4% compared to the same quarter last year. On average, equities analysts predict that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.3%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron’s dividend payout ratio is 88.03%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on CVX shares. Wells Fargo & Company reiterated an “overweight” rating and issued a $178.00 target price on shares of Chevron in a research note on Friday, August 1st. Piper Sandler lifted their target price 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. Bank of America boosted their price objective on shares of Chevron from $170.00 to $185.00 and gave the stock a “buy” rating in a report on Wednesday, September 10th. Evercore ISI restated an “outperform” rating and issued a $180.00 price objective on shares of Chevron in a report on Thursday, July 31st. Finally, Barclays reiterated an “equal weight” rating on shares of Chevron in a report on Tuesday, July 15th. Eleven analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, Chevron presently has an average rating of “Hold” and an average price target of $165.05.

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.