Kornitzer Capital Management Inc. KS Reduces Stock Holdings in Chevron Corporation $CVX

Key Points

• Kornitzer Capital Management reduced its Chevron stake by 7.1% in Q1, selling 69,055 shares and leaving it with 910,008 shares valued at about $188.3 million. Chevron remains the firm’s second-largest holding.
• An insider sale also stood out: director John B. Hess sold 380,000 shares for about $73.4 million, cutting his ownership by 57.75%. Insiders currently own just 0.56% of the stock.
• Chevron reported Q1 EPS of $1.41, beating estimates, and it continues to pay a sizable dividend with a 4.0% yield. Analysts remain generally positive, with a consensus rating of Moderate Buy and an average price target of $206.83.

Kornitzer Capital Management Inc. KS cut its stake in Chevron Corporation (NYSE:CVX - Free Report) by 7.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 910,008 shares of the oil and gas company's stock after selling 69,055 shares during the quarter. Chevron comprises about 4.1% of Kornitzer Capital Management Inc. KS's portfolio, making the stock its 2nd biggest position. Kornitzer Capital Management Inc. KS's holdings in Chevron were worth $188,281,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently made changes to their positions in the stock. Midwest Capital Advisors LLC bought a new stake in Chevron during the first quarter valued at about $25,000. Core Wealth Advisors LLC bought a new position in Chevron in the fourth quarter worth about $26,000. Phillip James Consulting Co. bought a new position in Chevron in the fourth quarter worth about $26,000. Basso Capital Management L.P. purchased a new stake in shares of Chevron during the fourth quarter valued at about $27,000. Finally, Karpus Management Inc. purchased a new stake in shares of Chevron during the fourth quarter valued at about $27,000. 72.42% of the stock is owned by institutional investors.

Insider Activity

In other news, Director John B. Hess sold 380,000 shares of the firm's stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total value of $73,416,000.00. Following the completion of the transaction, the director directly owned 278,045 shares in the company, valued at $53,718,294. This trade represents a 57.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.56% of the stock is currently owned by insiders.

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Rising Middle East tensions are pushing crude higher, which can improve Chevron’s upstream profits and make the stock look more attractive as a geopolitical hedge. With Iran Tensions Heating Up Again, Chevron Stock Looks Enticing
• Positive Sentiment: Bullish commentary from Bank of America and other analysts suggests Chevron is well positioned to benefit if Iran-related supply disruptions keep oil prices elevated. CVX Stock Has A New Bull Case
• Positive Sentiment: Chevron announced a five-year gas supply deal with Australia’s Alinta Energy, adding a stable long-term sales stream and reinforcing its gas business. Chevron Australia signs five-year gas supply agreement with Alinta Energy
• Positive Sentiment: Chevron also expanded its technology/licensing efforts and its Microsoft power partnership, which could support long-term growth beyond oil and gas pricing. Can Chevron's Microsoft Partnership Power the Next Leg of Growth?
• Neutral Sentiment: UBS reiterated a Buy rating, which may help sentiment but does not by itself change Chevron’s fundamentals. UBS Keeps Their Buy Rating on Chevron (CVX)
• Negative Sentiment: New U.S. Russia sanctions proposals could tighten global energy trade flows and add policy uncertainty, even if they may also support oil prices. Bipartisan Senators Reach Agreement With Trump Administration to Advance New Russia Sanctions Bill

Chevron Stock Performance

Shares of CVX traded up $2.24 during trading hours on Friday, reaching $176.29. 5,984,338 shares of the company traded hands, compared to its average volume of 9,284,713. The company has a quick ratio of 0.84, a current ratio of 1.09 and a debt-to-equity ratio of 0.21. The business has a fifty day moving average price of $181.92 and a 200-day moving average price of $181.29. Chevron Corporation has a 12-month low of $146.49 and a 12-month high of $214.71. The stock has a market capitalization of $351.10 billion, a P/E ratio of 30.55, a P/E/G ratio of 0.59 and a beta of 0.50.

Chevron (NYSE:CVX - Get Free Report) last issued its earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.00 by $0.41. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The company had revenue of $47.56 billion during the quarter, compared to analyst estimates of $51.86 billion. During the same quarter last year, the business posted $2.18 EPS. The firm's quarterly revenue was up 2.1% on a year-over-year basis. Equities analysts anticipate that Chevron Corporation will post 15.28 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were issued a $1.78 dividend. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 4.0%. Chevron's dividend payout ratio is currently 123.40%.

Wall Street Analysts Forecast Growth

CVX has been the topic of a number of recent analyst reports. Weiss Ratings cut shares of Chevron from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, June 2nd. Wolfe Research upgraded shares of Chevron from a "peer perform" rating to an "outperform" rating and set a $210.00 price objective for the company in a research note on Thursday, July 2nd. Wells Fargo & Company increased their target price on shares of Chevron from $204.00 to $222.00 and gave the company an "overweight" rating in a research report on Thursday, April 9th. Sanford C. Bernstein lowered their target price on shares of Chevron from $216.00 to $204.00 and set a "market perform" rating for the company in a research note on Monday, May 11th. Finally, Zacks Research downgraded shares of Chevron from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 8th. Nineteen investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $206.83.

About Chevron

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.

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