Chevron Co. (CVX) Stake Lessened by Kornitzer Capital Management Inc. KS
Kornitzer Capital Management Inc. KS reduced its position in shares of Chevron Co. (NYSE:CVX) by 0.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 447,710 shares of the oil and gas company’s stock after selling 3,179 shares during the quarter. Chevron accounts for approximately 0.9% of Kornitzer Capital Management Inc. KS’s investment portfolio, making the stock its 12th biggest holding. Kornitzer Capital Management Inc. KS’s holdings in Chevron were worth $56,604,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Live Your Vision LLC boosted its stake in shares of Chevron by 308.0% during the 2nd quarter. Live Your Vision LLC now owns 816 shares of the oil and gas company’s stock worth $101,000 after acquiring an additional 616 shares in the last quarter. Advisors Preferred LLC purchased a new stake in shares of Chevron during the 1st quarter worth about $110,000. Litman Gregory Asset Management LLC boosted its stake in shares of Chevron by 566.9% during the 1st quarter. Litman Gregory Asset Management LLC now owns 1,147 shares of the oil and gas company’s stock worth $131,000 after acquiring an additional 975 shares in the last quarter. Point72 Asia Hong Kong Ltd boosted its stake in shares of Chevron by 20,716.7% during the 1st quarter. Point72 Asia Hong Kong Ltd now owns 1,249 shares of the oil and gas company’s stock worth $142,000 after acquiring an additional 1,243 shares in the last quarter. Finally, Shine Investment Advisory Services Inc. boosted its stake in shares of Chevron by 45.4% during the 2nd quarter. Shine Investment Advisory Services Inc. now owns 1,479 shares of the oil and gas company’s stock worth $187,000 after acquiring an additional 462 shares in the last quarter. 64.60% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages recently weighed in on CVX. Goldman Sachs Group reaffirmed a “buy” rating and issued a $141.00 price target on shares of Chevron in a research note on Tuesday, July 31st. Barclays raised their price target on shares of Chevron from $145.00 to $148.00 and gave the company an “overweight” rating in a research note on Wednesday, July 11th. Royal Bank of Canada reaffirmed a “neutral” rating and issued a $145.00 price target on shares of Chevron in a research note on Monday, July 2nd. ValuEngine lowered shares of Chevron from a “buy” rating to a “hold” rating in a research note on Thursday, August 2nd. Finally, Redburn Partners lowered shares of Chevron from a “buy” rating to a “neutral” rating and decreased their price target for the company from $130.00 to $115.00 in a research note on Wednesday, October 3rd. Nine investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $137.17.
Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, July 27th. The oil and gas company reported $1.78 EPS for the quarter, missing the Zacks’ consensus estimate of $2.09 by ($0.31). The business had revenue of $42.24 billion during the quarter, compared to analyst estimates of $46.62 billion. Chevron had a net margin of 7.87% and a return on equity of 6.89%. The firm’s revenue was up 22.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.77 EPS. On average, sell-side analysts expect that Chevron Co. will post 8.23 earnings per share for the current year.
In other Chevron news, insider James William Johnson sold 4,750 shares of the stock in a transaction dated Thursday, October 11th. The shares were sold at an average price of $119.97, for a total value of $569,857.50. Following the completion of the sale, the insider now owns 4,750 shares in the company, valued at approximately $569,857.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.38% of the stock is currently owned by corporate insiders.
Chevron Company Profile
Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.
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