8. Chevron Corporation (NYSE:CVX)
Q3 2024 buybacks: $4.71 billion
Number of Hedge Fund Holders: 81
Chevron Corporation (NYSE:CVX) is one of the world’s largest integrated energy companies, engaged in the exploration, production, refining, and distribution of oil and natural gas. With a global presence, CVX operates across the entire energy value chain, from upstream oil and gas extraction to downstream refining, chemicals, and renewable energy initiatives. The company is actively investing in lower-carbon technologies, including hydrogen, carbon capture, and renewable fuels, as part of its strategy to balance energy security with sustainability.
After a strong first half of 2024, the share price of Chevron Corporation (NYSE:CVX) dipped to a 52-week low in September, which is the last month of the quarter during which it repurchased $4.71 billion worth of its own stock. The company faced operational disruptions in the Eastern Mediterranean, where production at Leviathan had to be reduced multiple times due to regional conflicts. The pipelay vessel for expansion projects at both Tamar and Leviathan was demobilized due to the contractor’s concerns about the current risk environment. It is highly likely that management decided to support the stock price through large stock repurchases and reassure market participants that headwinds are temporary. During a subsequent energy conference, CVX stated that is well-positioned to navigate the evolving macroeconomic and regulatory landscape, leveraging its strategic initiatives and industry-leading assets to create long-term value for its investors. Management acknowledged that the new US administration is expected to pursue sound energy policies that are good for the economy, security, and competitiveness, which is likely to boost the company’s reinvestment opportunities in the long-term.