Tocqueville Asset Management L.P. Purchases Stake in Chevron Worth Over $31 Million

Tocqueville Asset Management L.P., a hedge fund, purchased a new stake in Chevron Corporation (NYSE:CVX) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 190,393 shares of the oil and gas company's stock, valued at approximately $31,560,000.

This is not the only instance of institutional investors increasing their stakes in Chevron. In the first quarter, Midwest Capital Advisors LLC acquired a new position worth about $25,000, while Core Wealth Advisors LLC bought a new stake in the fourth quarter valued at about $26,000. Other hedge funds and institutional investors also modified their holdings of the company.

The news comes as Chevron's quarterly dividend of $1.78 per share is scheduled for September 10th, representing a $7.12 annualized payout and an approximately 3.5% yield. This supports CVX's appeal to income-focused investors.