Chevron Sees Surge in Institutional Ownership as SCS Capital Management Takes Stake
SCS Capital Management LLC has recently purchased 72,592 shares of Chevron Corporation (NYSE:CVX) stock during the second quarter. The total value of this purchase is approximately $12,033,000. This new position in CVX marks a significant investment by SCS Capital Management in the oil and gas sector.
In addition to SCS Capital Management's new stake in Chevron, other large investors have also made changes to their positions in CVX. Cornerstone Advisory LLC raised its stake in Chevron by 0.9% during the first quarter, bringing its total shares to 5,625. Compton Financial Group LLC and Quantum Portfolio Management LLC also increased their holdings in CVX during the first quarter.
The recent purchase of CVX stock by SCS Capital Management comes as Chevron continues to experience strong financial performance. In its most recent quarterly earnings report, Chevron reported $6.06 earnings per share (EPS), exceeding analysts' consensus estimates of $5.55. The company's revenue also saw a significant increase, rising 57.4% compared to the same quarter last year.