Kornitzer Capital Management Inc. KS Sells 28,111 Shares of Chevron Corporation $CVX

Kornitzer Capital Management Inc. KS cut its position in Chevron Corporation (NYSE:CVX) by 3.1% in the third quarter, HoldingsChannel reports. The institutional investor owned 876,184 shares of the oil and gas company’s stock after selling 28,111 shares during the period. Chevron makes up 3.3% of Kornitzer Capital Management Inc. KS’s portfolio, 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 reporting period.

Other institutional investors have also modified their holdings of the company. State Street Corp lifted its stake in Chevron by 3.9% during the 2nd quarter. State Street Corp now owns 159,136,768 shares of the oil and gas company’s stock worth $28,016,651,000 after acquiring an additional 5,998,852 shares in the last quarter. BlackRock Inc. acquired a new position in Chevron in the 2nd quarter valued at about $25,663,729,000. Bank of America Corp DE grew its position in Chevron by 5.1% in the 1st quarter. Bank of America Corp DE now owns 27,630,227 shares of the oil and gas company’s stock valued at $5,716,694,000 after acquiring an additional 1,334,976 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in Chevron in the 2nd quarter valued at about $2,378,114,000. Finally, Amundi increased its stake in Chevron by 14.1% during the second quarter. Amundi now owns 13,900,271 shares of the oil and gas company’s stock worth $2,304,109,000 after purchasing an additional 1,714,835 shares during the period. 72.42% of the stock is owned by institutional investors and hedge funds.

Key Headlines Impacting Chevron

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 other Chevron news, insider R. Pate sold 40,700 shares of the firm’s stock in a transaction on 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 transaction, the insider directly owned 8,791 shares of the company’s stock, valued at approximately $1,992,480.15. This trade represents a 82.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael K. Wirth sold 317,100 shares of the firm’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $200.46, for a total transaction of $63,565,866.00. Following the transaction, the chief executive officer directly owned 26,308 shares in the company, valued at $5,273,701.68. The trade was a 92.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 379,470 shares of company stock worth $77,216,415 in the last 90 days. 0.56% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on CVX shares. Dbs Bank raised shares of Chevron to a “moderate buy” rating in a research report on Thursday, August 6th. Piper Sandler lifted their price objective on shares of Chevron from $207.00 to $243.00 and gave the company an “overweight” rating in a report on Thursday, September 3rd. TD Cowen upped their target price on shares of Chevron from $215.00 to $225.00 and gave the stock a “hold” rating in a research note on Monday, October 12th. Sanford C. Bernstein increased their target price on shares of Chevron from $204.00 to $209.00 and gave the stock a “market perform” rating in a report on Monday, August 3rd. Finally, Zacks Research upgraded shares of Chevron from a “hold” rating to a “strong-buy” rating in a report on Monday, October 5th. One analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $221.88.

Chevron Stock Down 0.1%

CVX stock opened at $212.66 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25. Chevron Corporation has a fifty-two week low of $146.49 and a fifty-two week high of $236.48. The firm has a market capitalization of $420.17 billion, a price-to-earnings ratio of 15.56, a PEG ratio of 0.50 and a beta of 0.47. The company’s 50 day moving average price is $214.91 and its 200 day moving average price is $194.40.

Chevron (NYSE:CVX) last issued 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 business had revenue of $65.24 billion for the quarter, compared to analyst estimates of $61.82 billion. During the same quarter last year, the company earned $1.85 EPS. The business’s quarterly revenue was up 36.3% on a year-over-year basis. On average, equities research analysts anticipate that Chevron Corporation will post 18.56 EPS for the current fiscal year.

Chevron Dividend Announcement

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 $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Wednesday, November 18th. Chevron’s payout ratio is presently 52.08%.

About Chevron

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.