Ceredex Value Advisors Takes New Position in Chevron Stock

Ceredex Value Advisors LLC recently purchased a new position in Chevron Corporation (NYSE:CVX) shares, valued at approximately $20.9 million.

The institutional investor bought 126,265 shares of the oil and gas company's stock during the second quarter. This is not an isolated instance; several other large investors have also modified their holdings of Chevron in recent quarters.

BlackRock Inc., for example, purchased a new position valued at $25.7 billion. State Street Corp increased its stake by 9.1% and now owns over 152 million shares, valued at around $23.7 billion. Berkshire Hathaway Inc also raised its position in Chevron, while Geode Capital Management LLC and Charles Schwab Investment Management Inc. lifted their stakes as well.

These large investors collectively own about 72.4% of Chevron's stock. Despite the recent activity from institutional investors, Chevron has seen a mixed response from analysts. Morgan Stanley raised its target price to $218 while maintaining an 'overweight' rating. However, other analysts have downgraded their ratings or reduced their targets.