Franklin Street Advisors Boosts Stake in Chevron
Franklin Street Advisors Inc. NC significantly increased its stake in Chevron Corporation (NYSE:CVX) during the second quarter, purchasing an additional 108,539 shares to bring its total holdings to 126,194 shares.
The institutional investor's $20,918,000 worth of Chevron stock is a notable position, representing a substantial increase from its previous stake. This move comes as Chevron reports strong quarterly earnings and revenue growth, with the company's net income reaching $12.1 billion in the latest quarter.
Analysts remain optimistic about Chevron's prospects, with TD Cowen forecasting meaningful price appreciation potential. The company's record production, debt reduction, and long-term power agreement with Microsoft are cited as key drivers of its investment case.