Kornitzer Capital Management Inc. KS Reduces Stake in Chevron Corporation (CVX)

Kornitzer Capital Management Inc. KS reduced its position in shares of Chevron Corporation (NYSE:CVX) by 2.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 490,769 shares of the oil and gas company’s stock after selling 10,593 shares during the quarter. Chevron Corporation comprises 0.9% of Kornitzer Capital Management Inc. KS’s holdings, making the stock its 18th biggest position. Kornitzer Capital Management Inc. KS’s holdings in Chevron Corporation were worth $51,202,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Thompson Davis & CO. Inc. grew its position in shares of Chevron Corporation by 20.0% in the 1st quarter. Thompson Davis & CO. Inc. now owns 1,146 shares of the oil and gas company’s stock valued at $123,000 after purchasing an additional 191 shares during the period. Winfield Associates Inc. lifted its stake in Chevron Corporation by 5.1% in the 2nd quarter. Winfield Associates Inc. now owns 1,301 shares of the oil and gas company’s stock valued at $136,000 after acquiring an additional 63 shares in the last quarter. Daiwa SB Investments Ltd. lifted its stake in Chevron Corporation by 438.5% in the 2nd quarter. Daiwa SB Investments Ltd. now owns 1,400 shares of the oil and gas company’s stock valued at $146,000 after acquiring an additional 1,140 shares in the last quarter. New Capital Management LP lifted its stake in Chevron Corporation by 0.3% in the 1st quarter. New Capital Management LP now owns 1,455 shares of the oil and gas company’s stock valued at $156,000 after acquiring an additional 4 shares in the last quarter. Finally, Terril Brothers Inc. raised its stake in shares of Chevron Corporation by 5.4% during the 2nd quarter. Terril Brothers Inc. now owns 2,025 shares of the oil and gas company’s stock worth $211,000 after purchasing an additional 104 shares in the last quarter. 62.79% of the stock is owned by hedge funds and other institutional investors.

A number of research firms recently weighed in on CVX. TheStreet upgraded Chevron Corporation from a “c+” rating to a “b” rating in a research note on Monday. Wells Fargo & Company restated a “market perform” rating on shares of Chevron Corporation in a research note on Thursday, October 19th. They noted that the move was a valuation call. Jefferies Group LLC restated a “buy” rating and issued a $137.00 price target on shares of Chevron Corporation in a research note on Thursday, October 19th. Morgan Stanley increased their price target on Chevron Corporation from $120.00 to $130.00 and gave the company an “overweight” rating in a research note on Wednesday, October 18th. Finally, Societe Generale cut Chevron Corporation from a “buy” rating to a “hold” rating and increased their price target for the company from $120.00 to $130.00 in a research note on Wednesday, October 18th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and sixteen have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $119.66.

In other news, VP R. Hewitt Pate sold 25,500 shares of the business’s stock in a transaction dated Monday, October 16th. The stock was sold at an average price of $120.00, for a total value of $3,060,000.00. Following the completion of the sale, the vice president now owns 25,500 shares of the company’s stock, valued at approximately $3,060,000. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Patricia E. Yarrington sold 39,000 shares of the business’s stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $111.00, for a total value of $4,329,000.00. Following the completion of the sale, the chief financial officer now directly owns 43,838 shares of the company’s stock, valued at approximately $4,866,018. The disclosure for this sale can be found here. In the last three months, insiders sold 97,812 shares of company stock valued at $11,068,343. 0.38% of the stock is currently owned by corporate insiders.

Chevron Corporation (CVX) opened at 118.44 on Friday. The company has a market capitalization of $224.44 billion, a P/E ratio of 38.40 and a beta of 1.24. The firm has a 50-day moving average price of $116.86 and a 200 day moving average price of $108.94. Chevron Corporation has a 52-week low of $99.92 and a 52-week high of $120.89.

Chevron Corporation (NYSE:CVX) last posted its quarterly earnings data on Friday, July 28th. The oil and gas company reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.89 by $0.02. Chevron Corporation had a return on equity of 4.13% and a net margin of 4.50%. The firm had revenue of $34.48 billion during the quarter, compared to analysts’ expectations of $32.77 billion. During the same period in the prior year, the business earned ($0.78) EPS. The company’s revenue for the quarter was up 17.8% compared to the same quarter last year. On average, analysts predict that Chevron Corporation will post $4.07 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, December 11th. Stockholders of record on Friday, November 17th will be paid a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date is Thursday, November 16th. Chevron Corporation’s dividend payout ratio (DPR) is presently 140.26%.

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About Chevron Corporation

Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates, and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in integrated energy and chemicals operations. The Company operates through two business segments: Upstream and Downstream.

Institutional Ownership by Quarter for Chevron Corporation (NYSE:CVX)

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