Chevron Stake Boosted as Institutional Investors Take Notice

Envestnet Asset Management Inc. increased its stake in Chevron Corporation ($CVX) by 2.9% during the second quarter, according to a recent disclosure with the Securities & Exchange Commission.

The fund owned approximately 0.27% of Chevron's stock after buying an additional 148,674 shares during the quarter. Envestnet Asset Management Inc.'s total stake in Chevron is now worth $932,962,000.

This is not an isolated instance; other institutional investors and hedge funds have also been actively buying and selling Chevron shares. BlackRock Inc., for example, acquired a new stake in Chevron during the 2nd quarter worth approximately $25,663,729,000.

Chevron's CFO, Eimear Bonner, expressed that the company does not expect much near-term relief from elevated oil prices, which could have a positive impact on its upstream earnings and cash flow. However, volatility remains a key risk in this regard.