Kornitzer Capital Management Inc. KS Sells 2,747 Shares of Chevron Corporation $CVX

Key Points

• Kornitzer Capital Management Inc. reduced its stake in Chevron Corporation by 0.6%, selling 2,747 shares and retaining a total of 450,376 shares valued at approximately $64.5 million.
• Several institutional investors significantly increased their stakes in Chevron, including Kingstone Capital Partners, which raised its position by over 652,000% during the 2nd quarter.
• Chevron announced a quarterly dividend of $1.71 per share, representing an annualized yield of 4.4% and a payout ratio of 88.03% as of the last SEC filing.

Kornitzer Capital Management Inc. KS reduced its stake in Chevron Corporation (NYSE:CVX - Free Report) by 0.6% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 450,376 shares of the oil and gas company's stock after selling 2,747 shares during the period. Chevron accounts for approximately 1.3% of Kornitzer Capital Management Inc. KS's holdings, making the stock its 12th largest holding. Kornitzer Capital Management Inc. KS's holdings in Chevron were worth $64,489,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in CVX. Kingstone Capital Partners Texas LLC raised its stake in Chevron by 652,139.5% during the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company's stock worth $13,214,757,000 after buying an additional 83,702,101 shares during the period. GQG Partners LLC acquired a new position in shares of Chevron during the 1st quarter worth about $1,466,751,000. Nuveen LLC bought a new stake in shares of Chevron in the 1st quarter valued at about $1,362,232,000. Charles Schwab Investment Management Inc. grew its holdings in Chevron by 4.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 33,430,030 shares of the oil and gas company's stock worth $5,592,263,000 after purchasing an additional 1,574,464 shares during the period. Finally, Canada Pension Plan Investment Board increased its position in Chevron by 141.2% during the first quarter. Canada Pension Plan Investment Board now owns 1,891,824 shares of the oil and gas company's stock worth $316,483,000 after buying an additional 1,107,628 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, VP Alana K. Knowles sold 3,978 shares of the firm's stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $160.00, for a total value of $636,480.00. Following the completion of the sale, the vice president directly owned 1,181 shares in the company, valued at $188,960. This trade represents a 77.11% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director John B. Hess sold 375,000 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total value of $59,362,500.00. Following the transaction, the director directly owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. This trade represents a 21.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.21% of the company's stock.

Chevron Trading Down 0.6%

NYSE CVX traded down $0.93 during mid-day trading on Friday, reaching $155.63. 4,975,667 shares of the stock were exchanged, compared to its average volume of 6,682,107. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96. The stock has a 50 day simple moving average of $156.04 and a 200-day simple moving average of $148.38. The stock has a market cap of $268.92 billion, a P/E ratio of 20.03, a P/E/G ratio of 4.45 and a beta of 0.84. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The company had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. During the same period in the previous year, the business earned $2.55 EPS. The firm's revenue was down 12.4% compared to the same quarter last year. On average, analysts anticipate that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date was Tuesday, August 19th. Chevron's payout ratio is presently 88.03%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on CVX shares. Scotiabank increased their target price on Chevron from $160.00 to $165.00 and gave the company a "sector perform" rating in a research report on Thursday, October 9th. Bank of America increased their target price on Chevron from $170.00 to $185.00 and gave the company a "buy" rating in a research report on Wednesday, September 10th. Evercore ISI reiterated an "outperform" rating and set a $180.00 target price on shares of Chevron in a research report on Thursday, July 31st. Piper Sandler lifted their target price on shares of Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Finally, Raymond James Financial reiterated an "outperform" rating and set a $160.00 price target (down previously from $170.00) on shares of Chevron in a report on Friday, October 17th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $165.25.

About Chevron

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.

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