Perigon Wealth Management LLC Invests $12.51 Million in Chevron Corporation $CVX

Perigon Wealth Management LLC acquired a new stake in Chevron Corporation (NYSE:CVX) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 75,440 shares of the oil and gas company’s stock, valued at approximately $12,505,000.

Several other hedge funds and other institutional investors have also made changes to their positions in CVX. Midwest Capital Advisors LLC bought a new stake in Chevron during the first quarter worth $25,000. Main Street Group LTD bought a new position in shares of Chevron in the 1st quarter valued at about $28,000. Phillip James Consulting Co. bought a new position in shares of Chevron in the 4th quarter valued at about $26,000. Core Wealth Advisors LLC acquired a new position in shares of Chevron during the 4th quarter worth about $26,000. Finally, Karpus Management Inc. bought a new stake in shares of Chevron in the 4th quarter valued at about $27,000. 72.42% of the stock is owned by institutional investors.

Chevron Price Performance

Chevron stock opened at $202.75 on Tuesday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25. Chevron Corporation has a 52 week low of $146.49 and a 52 week high of $214.71. The stock has a market capitalization of $400.59 billion, a P/E ratio of 19.44, a price-to-earnings-growth ratio of 0.61 and a beta of 0.49. The stock has a fifty day moving average of $183.57 and a 200-day moving average of $187.25.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, beating the consensus estimate of $5.55 by $0.51. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The business had revenue of $67.20 billion during the quarter, compared to the consensus estimate of $62.72 billion. During the same quarter in the prior year, the firm earned $1.77 EPS. The firm’s revenue was up 57.4% compared to the same quarter last year. On average, sell-side analysts expect that Chevron Corporation will post 15.86 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be issued a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Wednesday, August 19th. Chevron’s payout ratio is 68.26%.

Insider Activity at Chevron

In related news, CEO Michael K. Wirth sold 5,547 shares of Chevron stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $187.00, for a total transaction of $1,037,289.00. Following the sale, the chief executive officer directly owned 26,308 shares in the company, valued at $4,919,596. This trade represents a 17.41% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John B. Hess sold 710,665 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $194.10, for a total transaction of $137,940,076.50. Following the sale, the director directly owned 363,711 shares in the company, valued at $70,596,305.10. The trade was a 66.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 1,196,212 shares of company stock valued at $231,819,366 in the last ninety days. 0.56% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts recently issued reports on CVX shares. Barclays cut their target price on shares of Chevron from $216.00 to $208.00 and set an “equal weight” rating for the company in a research note on Monday. Morgan Stanley dropped their price objective on Chevron from $214.00 to $210.00 and set an “overweight” rating on the stock in a research note on Monday, June 29th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $216.00 price objective on shares of Chevron in a research report on Friday, July 10th. Weiss Ratings raised Chevron from a “hold (c)” rating to a “buy (b)” rating in a report on Tuesday, August 11th. Finally, Dbs Bank upgraded Chevron to a “moderate buy” rating in a research note on Thursday, August 6th. Twenty research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Chevron presently has an average rating of “Moderate Buy” and a consensus price target of $207.13.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Major Angola discovery expands Chevron’s resource base. Chevron’s 105-4X exploration well in offshore Angola’s Block 0 encountered a hydrocarbon column exceeding 600 meters (about 2,000 feet), including more than 90 meters of net pay in the primary Pinda reservoir. The size of the find strengthens the company’s long-term production outlook and supports its strategic exploration program in Sub-Saharan Africa. Reuters article
• Positive Sentiment: Potential tie-in could reduce development costs. The discovery is located near existing Block 0 infrastructure, creating the possibility of a relatively efficient tie-back and potentially accelerating development while limiting capital requirements. However, commerciality, appraisal work and a development timeline have not yet been established. Chevron Stock Rises After Major Angola Discovery
• Positive Sentiment: Higher oil prices provide additional sector support. Reports that Brent crude was approaching $89 a barrel amid continued disruption and uncertainty around the Strait of Hormuz are supportive of Chevron’s upstream revenue and cash-flow prospects, although the geopolitical situation also raises market and operating risks. Brent Crude Nears $89
• Neutral Sentiment: Income appeal remains part of the investment case. Chevron continues to be highlighted by analysts as a dividend-paying energy major with potential upside, but the dividend coverage and valuation were not materially changed by these reports. Dividend Stocks Article

About Chevron

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.