Uptick Partners Joins Large Investors in Boosting Chevron Stake
Uptick Partners LLC has acquired shares of Chevron Corporation (NYSE:CVX) worth approximately $1.73 million, according to a recent filing with the Securities and Exchange Commission.
This is not an isolated event; several other large investors have also made changes to their positions in CVX. BlackRock Inc., for instance, bought a new stake in Chevron valued at around $25.66 billion during the second quarter.
The oil and gas company has been performing well, with its quarterly earnings exceeding analysts' expectations. In July, Chevron reported $6.06 EPS, beating estimates of $5.55. The firm's revenue for the quarter was also higher than anticipated, at $67.20 billion compared to analyst estimates of $62.72 billion.
The company's CEO, Michael Wirth, has been reducing his ownership stake in Chevron. He sold 317,100 shares for approximately $63.6 million in August, which represents a decrease of 92.34% in his reported ownership.