Silverlake Wealth Acquires New Position in Chevron

Silverlake Wealth Management LLC acquired a new position in Chevron Corporation (NYSE:CVX) in the second quarter, according to its latest disclosure with the SEC. The institutional investor purchased approximately $2,225,000 worth of shares.

This is not an isolated instance as other hedge funds and institutions have also been buying and selling Chevron stock recently. In fact, Institutional investors own 72.42% of the company's stock.

Notably, insiders have been divesting their stakes in the company with Director John B. Hess selling 710,665 shares on August 3rd at an average price of $194.10 per share. CEO Michael K. Wirth also sold 5,547 shares on August 5th at an average price of $187.00 per share.

Despite this insider selling, Chevron has been performing well with a strong quarter that topped analyst estimates. The company reported earnings of $6.06 per share for the quarter, beating expectations by $0.51.