Mystic Asset Management Bets Big on Chevron

Mystic Asset Management Inc., an institutional investor, has acquired a new stake in Chevron Corporation (NYSE:CVX) worth approximately $3.9 million.

The company revealed this information through its most recent 13F filing with the SEC, which shows that Mystic Asset Management purchased 23,673 shares of Chevron's stock in the second quarter.

This is not an isolated instance; other institutional investors have also made changes to their positions in Chevron. In the first quarter, Midwest Capital Advisors LLC bought a new stake valued at about $25,000, while Core Wealth Advisors LLC acquired a new position worth around $26,000 in the fourth quarter.

Chevron's recent quarterly earnings exceeded expectations, with adjusted EPS of $6.06 versus $5.55 expected and revenue of $67.2 billion versus $62.72 billion forecast.