Perigon Wealth Management LLC Sells 10,709 Shares of Chevron Corporation (NYSE:CVX)

Perigon Wealth Management LLC reduced its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 12.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 74,978 shares of the oil and gas company's stock after selling 10,709 shares during the quarter. Perigon Wealth Management LLC's holdings in Chevron were worth $12,543,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sage Capital Advisors llc lifted its holdings in shares of Chevron by 2.2% during the first quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock valued at $7,097,000 after purchasing an additional 919 shares in the last quarter. CCG Wealth Management LLC lifted its holdings in shares of Chevron by 2.3% during the first quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock valued at $1,060,000 after purchasing an additional 145 shares in the last quarter. Pines Wealth Management LLC lifted its holdings in shares of Chevron by 3.3% during the first quarter. Pines Wealth Management LLC now owns 7,808 shares of the oil and gas company's stock valued at $1,306,000 after purchasing an additional 253 shares in the last quarter. Viking Fund Management LLC lifted its holdings in shares of Chevron by 9.3% during the first quarter. Viking Fund Management LLC now owns 117,000 shares of the oil and gas company's stock valued at $19,573,000 after purchasing an additional 10,000 shares in the last quarter. Finally, Allianz SE bought a new position in shares of Chevron during the fourth quarter valued at $9,369,000. 72.42% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CVX has been the topic of a number of recent research reports. BNP Paribas downgraded Chevron to a "cautious" rating in a report on Tuesday, April 15th. HSBC downgraded Chevron from a "buy" rating to a "hold" rating and lowered their target price for the company from $176.00 to $158.00 in a report on Tuesday, May 13th. Scotiabank downgraded Chevron from a "sector outperform" rating to a "sector perform" rating and lowered their target price for the company from $160.00 to $143.00 in a report on Friday, April 11th. UBS Group lowered their target price on Chevron from $194.00 to $185.00 and set a "buy" rating on the stock in a report on Monday, April 7th. Finally, Barclays downgraded Chevron from an "overweight" rating to an "equal weight" rating and lowered their target price for the company from $171.00 to $152.00 in a report on Wednesday, April 23rd. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $160.24.

Chevron Stock Performance

NYSE CVX opened at $143.49 on Thursday. The stock has a market capitalization of $250.59 billion, a PE ratio of 16.40, a P/E/G ratio of 2.52 and a beta of 0.83. The business has a 50 day simple moving average of $139.95 and a two-hundred day simple moving average of $148.45. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.08 and a quick ratio of 0.82. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.03. The business had revenue of $47.61 billion during the quarter, compared to analysts' expectations of $49.05 billion. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The firm's revenue for the quarter was down 2.3% compared to the same quarter last year. During the same quarter last year, the business posted $2.93 EPS. On average, research analysts predict that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.77%. The ex-dividend date was Monday, May 19th. Chevron's dividend payout ratio is presently 78.17%.

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.

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