Chevron Corporation $CVX Stock: Kornitzer Capital Management Inc. KS Cuts Stake

Kornitzer Capital Management Inc. KS reduced its position in Chevron Corporation (NYSE:CVX) by 3.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 876,184 shares of the oil and gas company’s stock after selling 28,111 shares during the quarter. Chevron accounts for approximately 3.3% of Kornitzer Capital Management Inc. KS’s holdings, making the stock its 4th biggest holding. Kornitzer Capital Management Inc. KS’s holdings in Chevron were worth $178,926,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of CVX. Main Street Group LTD bought a new position in shares of Chevron in the first quarter worth about $28,000. Kilter Group LLC purchased a new position in Chevron in the 2nd quarter worth about $28,000. Principia Wealth Advisory LLC increased its stake in Chevron by 49.6% in the 2nd quarter. Principia Wealth Advisory LLC now owns 181 shares of the oil and gas company’s stock worth $30,000 after buying an additional 60 shares during the period. Strategic Wealth Advisors LLC bought a new stake in Chevron during the 2nd quarter valued at about $33,000. Finally, Burk Holdings LLC bought a new stake in Chevron during the 2nd quarter valued at about $42,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Trading Down 0.1%

Shares of NYSE CVX opened at $212.66 on Friday. The stock has a market capitalization of $420.17 billion, a P/E ratio of 15.56, a price-to-earnings-growth ratio of 0.50 and a beta of 0.47. The business has a fifty day moving average price of $214.91 and a 200 day moving average price of $194.40. Chevron Corporation has a 1-year low of $146.49 and a 1-year high of $236.48. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.98.

Chevron (NYSE:CVX) last announced its earnings results on Friday, October 30th. The oil and gas company reported $5.28 earnings per share for the quarter, topping the consensus estimate of $4.87 by $0.41. Chevron had a return on equity of 14.64% and a net margin of 11.56%. The firm had revenue of $65.24 billion for the quarter, compared to the consensus estimate of $61.82 billion. During the same period in the previous year, the business earned $1.85 EPS. The firm’s revenue for the quarter was up 36.3% on a year-over-year basis. Equities research analysts expect that Chevron Corporation will post 18.56 EPS for the current fiscal year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Wednesday, November 18th will be issued a dividend of $1.78 per share. The ex-dividend date of this dividend is Wednesday, November 18th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.3%. Chevron’s dividend payout ratio is presently 52.08%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on CVX shares. Piper Sandler boosted their price objective on shares of Chevron from $207.00 to $243.00 and gave the company an “overweight” rating in a research report on Thursday, September 3rd. Freedom Broker upgraded shares of Chevron from a “sell” rating to a “hold” rating and set a $218.00 target price on the stock in a research note on Thursday. UBS Group raised their target price on shares of Chevron from $235.00 to $265.00 and gave the stock a “buy” rating in a research report on Monday, November 2nd. DZ Bank lowered shares of Chevron from a “buy” rating to a “hold” rating and set a $240.00 target price on the stock. in a research report on Tuesday, November 3rd. Finally, JPMorgan Chase & Co. lifted their price target on shares of Chevron from $190.00 to $222.00 and gave the company an “overweight” rating in a research note on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $221.88.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron was upgraded by Freedom Broker from “sell” to “hold,” with a $218 price target. The change signals less bearishness, though the target implies only modest upside from the cited share price. Freedom Broker rating
• Positive Sentiment: Natural-gas production topped 9 billion cubic feet per day in the third quarter, supported by operations in Australia and the Eastern Mediterranean. Record output could strengthen Chevron’s position in the liquefied natural gas market, despite operational disruptions. Zacks article on gas production
• Positive Sentiment: Recent coverage points to record cash flow and a run of earnings beats as reasons to consider CVX for the long term. Chevron’s latest reported quarter also exceeded analyst expectations for earnings and revenue, supporting the fundamental case. 247WallSt analysis
• Neutral Sentiment: An executive reported selling 24,439 shares in an option exercise-and-sale transaction. The report alone does not establish a change in the company’s outlook. Insider transaction report
• Negative Sentiment: Coverage says a post-election political shift sent oil prices lower, dragging energy stocks, including Chevron. A separate analyst downgrade also contributed to reported share-price pressure, highlighting sensitivity to oil-market expectations and cautious ratings. Report on analyst downgrade

Insider Activity at Chevron

In related news, insider R. Pate sold 40,700 shares of the firm’s stock in a transaction dated Tuesday, October 20th. The shares were sold at an average price of $226.65, for a total transaction of $9,224,655.00. Following the completion of the sale, the insider directly owned 8,791 shares in the company, valued at approximately $1,992,480.15. This trade represents a 82.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Andrew Walz sold 16,800 shares of Chevron stock in a transaction on Monday, August 17th. The shares were sold at an average price of $201.06, for a total value of $3,377,808.00. Following the completion of the sale, the insider owned 14 shares in the company, valued at $2,814.84. This represents a 99.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 379,470 shares of company stock valued at $77,216,415. Corporate insiders own 0.56% of the company’s stock.

Chevron Company Profile

Chevron Corporation (NYSE:CVX) is an integrated energy company engaged in the exploration, development, production, transportation and sale of crude oil and natural gas. Its upstream operations include oil and gas exploration and production, while its downstream business includes refining crude oil, marketing fuels and manufacturing and distributing lubricants, petrochemicals and fuel additives.

The company also invests in lower-carbon businesses and technologies, including renewable fuels, carbon capture and storage, hydrogen and other opportunities intended to reduce emissions from its operations and energy products.