Kornitzer Capital Management Inc. KS Sells 3,527 Shares of Chevron Co. (NYSE:CVX)

Kornitzer Capital Management Inc. KS trimmed its stake in shares of Chevron Co. (NYSE:CVX) by 0.8% in the second quarter, HoldingsChannel reports. The firm owned 451,124 shares of the oil and gas company’s stock after selling 3,527 shares during the quarter. Chevron accounts for about 1.3% of Kornitzer Capital Management Inc. KS’s holdings, making the stock its 11th largest holding. Kornitzer Capital Management Inc. KS’s holdings in Chevron were worth $70,565,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of CVX. Crumly & Associates Inc. increased its holdings in shares of Chevron by 3.4% during the second quarter. Crumly & Associates Inc. now owns 3,602 shares of the oil and gas company’s stock worth $563,000 after purchasing an additional 120 shares during the period. SouthState Corp grew its position in Chevron by 6.6% during the second quarter. SouthState Corp now owns 92,782 shares of the oil and gas company’s stock worth $14,513,000 after buying an additional 5,707 shares in the last quarter. Nicholas Hoffman & Company LLC. increased its stake in Chevron by 6.5% during the 2nd quarter. Nicholas Hoffman & Company LLC. now owns 18,365 shares of the oil and gas company’s stock worth $2,873,000 after acquiring an additional 1,118 shares during the period. Meridian Wealth Advisors LLC raised its holdings in Chevron by 24.6% in the 2nd quarter. Meridian Wealth Advisors LLC now owns 9,294 shares of the oil and gas company’s stock valued at $1,454,000 after acquiring an additional 1,836 shares in the last quarter. Finally, Impact Partnership Wealth LLC lifted its position in shares of Chevron by 513.2% during the 2nd quarter. Impact Partnership Wealth LLC now owns 6,359 shares of the oil and gas company’s stock valued at $995,000 after acquiring an additional 5,322 shares during the period. 72.42% of the stock is owned by institutional investors.

Chevron Trading Down 0.4 %

Shares of NYSE CVX traded down $0.61 during trading on Thursday, reaching $141.46. The company had a trading volume of 3,887,679 shares, compared to its average volume of 7,733,965. The stock has a market cap of $258.72 billion, a P/E ratio of 13.06, a PEG ratio of 2.50 and a beta of 1.09. The company’s fifty day moving average price is $151.49 and its 200-day moving average price is $155.47. The company has a quick ratio of 0.85, a current ratio of 1.16 and a debt-to-equity ratio of 0.13. Chevron Co. has a 12 month low of $139.62 and a 12 month high of $171.70.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, August 2nd. The oil and gas company reported $2.55 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). The company had revenue of $51.18 billion during the quarter, compared to analyst estimates of $48.68 billion. Chevron had a return on equity of 13.70% and a net margin of 9.31%. Chevron’s revenue was up 4.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.08 earnings per share. As a group, research analysts expect that Chevron Co. will post 11.86 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Monday, August 19th will be paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.61%. The ex-dividend date is Monday, August 19th. Chevron’s dividend payout ratio is currently 59.98%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on CVX shares. Barclays decreased their price target on Chevron from $203.00 to $185.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 6th. Sanford C. Bernstein cut shares of Chevron from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $183.00 to $167.00 in a research report on Wednesday, July 17th. Wolfe Research started coverage on shares of Chevron in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Royal Bank of Canada lowered their price objective on shares of Chevron from $190.00 to $180.00 and set an “outperform” rating for the company in a research report on Monday, August 5th. Finally, Truist Financial cut their target price on Chevron from $156.00 to $154.00 and set a “hold” rating for the company in a research note on Monday, August 5th. Seven equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $183.82.

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.