Puzo Buys $7 Million Chevron Stake Amid Surge in Institutional Ownership

Michael Puzo, an institutional investor, has purchased 44,480 shares of Chevron Corporation's stock in the second quarter. The total value of this purchase is approximately $7.37 million. This new stake represents about 1.9% of Puzo Michael J's investment portfolio, making it his company's 24th largest holding.

This purchase was not an isolated incident; several other institutional investors have also acquired Chevron shares in recent quarters. In the first quarter, Midwest Capital Advisors LLC and Main Street Group LTD each bought a new position in Chevron worth $25,000 and $28,000 respectively. Additionally, Phillip James Consulting Co., Core Wealth Advisors LLC, and Karpus Management Inc. all purchased new stakes in Chevron during the fourth quarter.

Interestingly, 72.42% of Chevron's shares are owned by institutional investors. This highlights the significant level of interest from these types of investors in the company's stock. As for insider activity, both CEO Michael K. Wirth and Director John B. Hess have sold a substantial number of shares recently. In July, Equinor agreed to acquire a 17.4% stake in Chevron-operated offshore Namibia exploration acreage, which could potentially reduce Chevron's financial exposure.

Analysts remain broadly favorable towards Chevron, with Morgan Stanley maintaining an overweight rating and a target price of $218. However, the stock's performance is highly sensitive to crude prices and Middle East developments. Looking ahead, research analysts anticipate that Chevron Corporation will post earnings per share of 15.86 for the current fiscal year.