Kornitzer Capital Management Inc. KS Raises Stake in Chevron Corporation $CVX

Kornitzer Capital Management Inc. KS raised its holdings in shares of Chevron Corporation (NYSE:CVX) by 122.7% during the third quarter, according to its most recent filing with the SEC. The firm owned 1,003,012 shares of the oil and gas company’s stock after purchasing an additional 552,636 shares during the period. Chevron accounts for about 3.1% of Kornitzer Capital Management Inc. KS’s portfolio, making the stock its 2nd largest position. Kornitzer Capital Management Inc. KS owned 0.06% of Chevron worth $155,758,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. Norges Bank bought a new stake in Chevron during the 2nd quarter valued at $2,721,477,000. Laurel Wealth Advisors LLC lifted its stake in shares of Chevron by 14,194.2% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 3,722,217 shares of the oil and gas company’s stock worth $532,984,000 after purchasing an additional 3,696,177 shares during the last quarter. Berkshire Hathaway Inc boosted its position in Chevron by 2.9% during the second quarter. Berkshire Hathaway Inc now owns 122,064,792 shares of the oil and gas company’s stock valued at $17,478,458,000 after purchasing an additional 3,454,258 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in Chevron by 32.1% in the third quarter. Massachusetts Financial Services Co. MA now owns 9,125,735 shares of the oil and gas company’s stock valued at $1,417,135,000 after purchasing an additional 2,218,283 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Chevron by 4.0% in the second quarter. Charles Schwab Investment Management Inc. now owns 34,772,753 shares of the oil and gas company’s stock worth $4,979,255,000 after purchasing an additional 1,342,723 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insiders Place Their Bets

In other news, insider Alana K. Knowles sold 7,956 shares of the stock in a transaction on Monday, January 5th. The stock was sold at an average price of $165.05, for a total transaction of $1,313,137.80. Following the completion of the transaction, the insider directly owned 1,207 shares in the company, valued at approximately $199,215.35. This represents a 86.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Michael K. Wirth sold 320,700 shares of the firm’s stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $162.99, for a total value of $52,270,893.00. Following the sale, the chief executive officer directly owned 14,450 shares of the company’s stock, valued at $2,355,205.50. The trade was a 95.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 635,190 shares of company stock valued at $100,254,408. Insiders own 0.20% of the company’s stock.

Analyst Ratings Changes

CVX has been the topic of a number of research analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Chevron in a research note on Wednesday, January 21st. Jefferies Financial Group boosted their target price on shares of Chevron from $174.00 to $189.00 and gave the stock a “buy” rating in a research report on Wednesday, January 14th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Chevron in a report on Thursday, January 8th. Scotiabank reissued a “sector perform” rating and set a $168.00 price objective on shares of Chevron in a report on Friday, January 16th. Finally, Bank of America reduced their target price on Chevron from $183.00 to $180.00 and set a “buy” rating for the company in a research note on Thursday, December 11th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $170.00.

Chevron Price Performance

CVX stock opened at $167.36 on Tuesday. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $169.37. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.15 and a quick ratio of 0.86. The firm has a market capitalization of $336.99 billion, a PE ratio of 23.54, a price-to-earnings-growth ratio of 11.38 and a beta of 0.70. The business has a 50 day simple moving average of $154.77 and a 200-day simple moving average of $154.93.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, October 31st. The oil and gas company reported $1.85 earnings per share for the quarter, topping analysts’ consensus estimates of $1.71 by $0.14. Chevron had a return on equity of 8.74% and a net margin of 6.57%.The company had revenue of $48.17 billion for the quarter, compared to analyst estimates of $46.99 billion. During the same quarter in the previous year, the company posted $2.48 earnings per share. The firm’s revenue for the quarter was down 1.9% compared to the same quarter last year. Equities research analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 10th. Stockholders of record on Tuesday, November 18th were issued a dividend of $1.71 per share. The ex-dividend date was Tuesday, November 18th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.1%. Chevron’s dividend payout ratio (DPR) is currently 96.20%.

Chevron 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.