Kornitzer Capital Management Inc. KS Acquires 5,885 Shares of Chevron Co. (NYSE:CVX)

Kornitzer Capital Management Inc. KS boosted its holdings in Chevron Co. (NYSE:CVX) by 1.3% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 457,009 shares of the oil and gas company’s stock after buying an additional 5,885 shares during the quarter. Chevron makes up 1.2% of Kornitzer Capital Management Inc. KS’s holdings, making the stock its 10th biggest holding. Kornitzer Capital Management Inc. KS’s holdings in Chevron were worth $67,304,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of CVX. China Universal Asset Management Co. Ltd. acquired a new stake in Chevron in the first quarter valued at about $566,000. Central Pacific Bank Trust Division acquired a new stake in Chevron in the first quarter valued at about $2,303,000. Comprehensive Financial Consultants Institutional Inc. boosted its stake in Chevron by 8.8% in the first quarter. Comprehensive Financial Consultants Institutional Inc. now owns 9,949 shares of the oil and gas company’s stock valued at $1,569,000 after buying an additional 801 shares in the last quarter. Proficio Capital Partners LLC raised its position in Chevron by 4.4% in the first quarter. Proficio Capital Partners LLC now owns 7,626 shares of the oil and gas company’s stock valued at $1,203,000 after purchasing an additional 324 shares during the last quarter. Finally, United Community Bank boosted its stake in shares of Chevron by 0.9% during the first quarter. United Community Bank now owns 8,651 shares of the oil and gas company’s stock valued at $1,365,000 after purchasing an additional 74 shares in the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Trading Down 0.2 %

Shares of CVX stock traded down $0.26 during trading hours on Thursday, hitting $157.46. 590,467 shares of the company were exchanged, compared to its average volume of 7,636,446. The company has a 50 day simple moving average of $147.43 and a two-hundred day simple moving average of $152.90. The firm has a market cap of $287.98 billion, a P/E ratio of 17.32, a P/E/G ratio of 3.43 and a beta of 1.09. 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 Co. has a fifty-two week low of $135.37 and a fifty-two week high of $167.11.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, topping analysts’ consensus estimates of $2.47 by $0.04. The business had revenue of $50.67 billion during 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 business’s quarterly revenue was down 6.3% on a year-over-year basis. During the same period last year, the company posted $3.05 earnings per share. Equities analysts anticipate that Chevron Co. will post 10.65 EPS for the current year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors 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 yield of 4.14%. The ex-dividend date of this dividend is Monday, November 18th. Chevron’s dividend payout ratio (DPR) is currently 71.65%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on CVX shares. Sanford C. Bernstein lowered shares of Chevron from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $183.00 to $167.00 in a report on Wednesday, July 17th. Bank of America initiated coverage on shares of Chevron in a research note on Thursday, October 17th. They set a “buy” rating and a $168.00 price target for the company. Royal Bank of Canada lifted 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. Barclays increased their price objective on Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a report on Monday. Finally, Wells Fargo & Company cut their target price on Chevron from $196.00 to $169.00 and set an “overweight” rating on the stock in a report on Friday, September 27th. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average 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.