Kornitzer Capital Management Inc. KS Raises Stake in Chevron Co. (NYSE:CVX)

Kornitzer Capital Management Inc. KS grew its holdings in shares of Chevron Co. (NYSE:CVX) by 1.3% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 457,009 shares of the oil and gas company’s stock after purchasing an additional 5,885 shares during the quarter. Chevron comprises approximately 1.2% of Kornitzer Capital Management Inc. KS’s portfolio, making the stock its 10th biggest holding. Kornitzer Capital Management Inc. KS’s holdings in Chevron were worth $67,304,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Rational Advisors LLC bought a new stake in Chevron during the third quarter valued at $29,000. Anfield Capital Management LLC raised its holdings in shares of Chevron by 118.0% during the 2nd quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock valued at $34,000 after buying an additional 118 shares in the last quarter. Cyrus J. Lawrence LLC boosted its position in Chevron by 66.7% during the second quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock valued at $39,000 after buying an additional 100 shares during the period. Livelsberger Financial Advisory purchased a new stake in Chevron during the 3rd quarter valued at about $47,000. Finally, Krane Funds Advisors LLC bought a new position in Chevron during the 3rd quarter worth approximately $47,000. 72.42% of the stock is owned by institutional investors.

Chevron Stock Down 0.2 %

Shares of NYSE CVX traded down $0.26 during mid-day trading on Thursday, hitting $157.46. 590,467 shares of the stock traded hands, compared to its average volume of 7,636,446. The company has a market cap of $287.98 billion, a price-to-earnings ratio of 17.32, a PEG ratio of 3.43 and a beta of 1.09. The stock has a fifty day moving average price of $147.43 and a 200-day moving average price of $152.90. Chevron Co. has a 52 week low of $135.37 and a 52 week high of $167.11. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.85 and a current ratio of 1.16.

Chevron (NYSE:CVX) last announced its earnings results on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, beating analysts’ consensus estimates of $2.47 by $0.04. The firm had revenue of $50.67 billion for the quarter, compared to analysts’ expectations of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.07%. The company’s quarterly revenue was down 6.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.05 EPS. Research analysts anticipate that Chevron Co. will post 10.65 EPS for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th will be paid a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.14%. The ex-dividend date of this dividend is Monday, November 18th. Chevron’s dividend payout ratio is 71.65%.

Wall Street Analyst Weigh In

Several analysts have weighed in on CVX shares. Wolfe Research began coverage on Chevron in a research report on Thursday, July 18th. They issued a “peer perform” rating for the company. Sanford C. Bernstein lowered shares of Chevron from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $183.00 to $167.00 in a report on Wednesday, July 17th. Royal Bank of Canada raised their price target on shares of Chevron from $170.00 to $175.00 and gave the stock an “outperform” rating in a report on Monday. Wells Fargo & Company lowered their price objective on shares of Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a research note on Friday, September 27th. Finally, Scotiabank cut their target price on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, Chevron presently has an average rating of “Moderate Buy” and a consensus target price of $174.93.

Chevron Profile

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.