Chevron Attracts Institutional Interest Amid Major Discovery

OneDigital Investment Advisors LLC acquired a new stake in Chevron Corporation (NYSE:CVX) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 79,446 shares of the oil and gas company's stock, valued at approximately $13,169,000.

Other institutional investors have also added to or reduced their stakes in Chevron Corporation. Midwest Capital Advisors LLC purchased a new position in shares of Chevron in the first quarter worth $25,000. Main Street Group LTD purchased a new stake in shares of Chevron during the first quarter valued at $28,000. Phillip James Consulting Co. purchased a new stake in shares of Chevron during the fourth quarter valued at $26,000. Core Wealth Advisors LLC bought a new stake in Chevron in the 4th quarter worth about $26,000.

Despite this increased interest from institutional investors, 72.42% of Chevron's stock is currently owned by hedge funds and other institutional investors. This week, Chevron made headlines with several positive developments. The company announced a major discovery in Angola, which expands its resource base and supports its strategic exploration program in Sub-Saharan Africa.

The discovery is located near existing infrastructure, creating the possibility of a relatively efficient tie-back and potentially accelerating development while limiting capital requirements. However, commerciality, appraisal work, and a development timeline have not yet been established. Higher oil prices are also providing additional sector support for Chevron's upstream revenue and cash-flow prospects.