Chevron Draws Attention from Institutional Investors Amid Strong Quarterly Performance
Bridgewater Advisors Inc., a prominent investment firm, has recently acquired a new position in Chevron Corporation (NYSE: CVX), according to its most recent disclosure with the SEC. The company purchased 8,091 shares of Chevron's stock, valued at approximately $1,543,000.
This is not an isolated event; several other institutional investors have also modified their holdings of Chevron in the past quarter. Norges Bank acquired a new position in Chevron in the fourth quarter, valued at around $3,727,586,000. State Street Corp increased its stake in Chevron by 9.1% during the third quarter.
The significant interest in Chevron is likely due to its strong quarterly performance. The oil and gas company reported EPS of $6.06 for the quarter, exceeding analysts' expectations of $5.55 by $0.51. Chevron's revenue for the quarter was up 57.4% on a year-over-year basis.
The company has also announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will receive a dividend of $1.78 per share.