Chevron Gains Support from Institutional Investors
Stack Financial Management Inc has purchased 263,390 shares of Chevron Corporation (NYSE:CVX) in its latest 13F filing with the SEC. This purchase is valued at approximately $43,660,000 and makes up 3.4% of Stack's total holdings.
This is not an isolated investment; several other large investors have also bought stakes in Chevron during the second quarter. Oppenheimer Asset Management Inc. purchased a new position worth $117,784,000, while Bryn Mawr Trust Advisors LLC and Mill Capital Management LLC both bought new stakes worth about $13,470,000 and $4,534,000 respectively.
The company's strong performance in the last quarter has been attributed to its deal with Microsoft, which uses Chevron's natural gas as an AI trade. This deal has led to increased revenue for Chevron, making it a top performer in the energy sector.