MJP Associates Invests Heavily in Chevron Amidst Positive Analyst Sentiment

MJP Associates Inc. ADV has made a new investment in Chevron Corporation (NYSE: CVX) worth approximately $835,000. The institutional investor acquired 5,040 shares of the oil and gas company's stock in the second quarter.

This is not an isolated instance, as several other hedge funds have also bought into Chevron in recent quarters. Midwest Capital Advisors LLC purchased a new position in Chevron in the first quarter worth about $25,000, while Core Wealth Advisors LLC and Phillip James Consulting Co. acquired new positions in the fourth quarter worth approximately $26,000 each.

According to MarketBeat data, 72.42% of Chevron's stock is owned by institutional investors and hedge funds. Analysts have generally been positive about Chevron's prospects, with UBS Group reaffirming its 'buy' rating on shares and Dbs Bank raising its rating to 'moderate buy'. However, Barclays cut its price target from $216.00 to $208.00 and set an 'equal weight' rating for the company.