Chevron Sees Continued Institutional Support Amid Strong Earnings
Focused Alpha LLC has acquired new shares in Chevron Corporation (NYSE:CVX), according to its most recent 13F filing with the SEC. The fund bought 8,448 shares of the oil and gas company's stock, valued at approximately $1,400,000.
This is not an isolated move as several other large investors have also made significant changes to their positions in CVX. BlackRock Inc., for example, bought a new position in Chevron in the second quarter valued at approximately $25,663,729,000. State Street Corp grew its stake in Chevron by 9.1% in the third quarter.
The recent acquisition by Focused Alpha LLC is just one of several positive developments for Chevron's stock price. The company reported a strong quarterly earnings result, with $6.06 earnings per share beating analysts' consensus estimates of $5.55. Revenue also rose 57.4% year-over-year to $67.20 billion.
Additionally, Chevron has announced a quarterly dividend of $1.78 per share, paid on September 10th for stockholders of record on August 19th. This represents a $7.12 annualized dividend and a dividend yield of 3.5%. Institutional investors own 72.42% of the company's stock.