Chevron Sees Increased Hedge Fund Support Amidst Strong Earnings

Grandfield & Dodd LLC has recently acquired a new stake in Chevron Corporation (NYSE:CVX). According to its most recent Form 13F filing with the SEC, the firm purchased approximately $19.3 million worth of shares, totaling 116,669.

This is not an isolated move; other hedge funds have also been increasing their stakes in Chevron. For example, BlackRock Inc. recently acquired a new position worth $25.7 billion, while State Street Corp increased its holdings by 9.1% in the last quarter.

Despite this bullish sentiment, some analysts remain cautious due to the company's reliance on oil and natural-gas prices. However, Chevron has reported strong quarterly earnings, beating expectations with a net margin of 9.57% and a return on equity of 11.09%.