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

Key Points

• Perigon Wealth Management purchased 75,440 Chevron shares worth approximately $12.51 million, while institutional investors overall own 72.42% of the company.
• Chevron insiders sold approximately $231.8 million of stock in the last quarter, including major sales by CEO Michael Wirth and director John Hess.
• Analysts maintain a favorable outlook, with a consensus “Moderate Buy” rating and average price target of $207.13. Chevron also exceeded quarterly earnings and revenue estimates and declared a quarterly dividend of $1.78 per share.

Perigon Wealth Management LLC purchased a new position in Chevron Corporation (NYSE:CVX - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 75,440 shares of the oil and gas company's stock, valued at approximately $12,505,000.

A number of other hedge funds also recently modified their holdings of CVX. Midwest Capital Advisors LLC acquired a new position in shares of Chevron in the 1st quarter valued at about $25,000. Main Street Group LTD purchased a new position in shares of Chevron during the 1st quarter valued at $28,000. Phillip James Consulting Co. acquired a new stake in Chevron during the fourth quarter valued at $26,000. Core Wealth Advisors LLC acquired a new position in Chevron in 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 approximately $27,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Insider Activity at Chevron

In other news, CEO Michael K. Wirth sold 5,547 shares of the company's stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $187.00, for a total transaction of $1,037,289.00. Following the completion of the transaction, the chief executive officer directly owned 26,308 shares of the company's stock, valued at $4,919,596. This represents a 17.41% decrease in their ownership of the stock. 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 stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $194.10, for a total value of $137,940,076.50. Following the transaction, the director owned 363,711 shares of the company's stock, valued at approximately $70,596,305.10. The trade was a 66.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 1,196,212 shares of company stock valued at $231,819,366 in the last quarter. Corporate insiders own 0.56% of the company's stock.

Wall Street Analysts Forecast Growth

CVX has been the subject of a number of analyst reports. Bank of America boosted their price target on Chevron from $210.00 to $227.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th. Mizuho set a $224.00 price objective on shares of Chevron in a report on Monday, August 3rd. TD Cowen increased their price target on shares of Chevron from $200.00 to $205.00 and gave the company a "hold" rating in a report on Wednesday, August 5th. Wolfe Research upgraded shares of Chevron from a "peer perform" rating to an "outperform" rating and set a $210.00 price target on the stock in a research note on Thursday, July 2nd. Finally, Piper Sandler started coverage on Chevron in a report on Thursday, July 23rd. They set an "overweight" rating and a $207.00 price objective on the stock. Twenty equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Chevron presently has a consensus rating of "Moderate Buy" and an average target price of $207.13.

Chevron Stock Up 1.4%

NYSE:CVX opened at $202.75 on Tuesday. The company has a market cap of $400.59 billion, a price-to-earnings ratio of 19.44, a P/E/G ratio of 0.61 and a beta of 0.49. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25. The stock's fifty day moving average price is $183.57 and its two-hundred day moving average price is $187.25. Chevron Corporation has a 52-week low of $146.49 and a 52-week high of $214.71.

Chevron (NYSE:CVX - Get Free Report) last released its earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, topping analysts' consensus estimates of $5.55 by $0.51. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The company had revenue of $67.20 billion during the quarter, compared to the consensus estimate of $62.72 billion. During the same quarter in the previous year, the company posted $1.77 earnings per share. The firm's quarterly revenue was up 57.4% on a year-over-year basis. On average, analysts anticipate that Chevron Corporation will post 15.86 EPS for the current year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be paid a $1.78 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $7.12 dividend on an annualized basis and a yield of 3.5%. Chevron's payout ratio is presently 68.26%.

More Chevron News

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

Chevron Company Profile

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.

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