5 Best Stocks To Buy For Flat Markets According To Druckenmiller

4. Chevron Corporation (NYSE:CVX)

Duquesne Capital’s Stake Value: $99,175,000

Number of Hedge Fund Holders: 66

Chevron Corporation (NYSE:CVX) is one of Druckenmiller’s top stock picks to play the flat markets this year. The billionaire owns 690,295 shares of Chevron Corporation (NYSE:CVX) as per the 13F filings for the third quarter of 2022, worth over $99 million, representing 5.62% of the total portfolio. 

On December 7, Chevron Corporation (NYSE:CVX) announced a FY 2023 capital spending budget of $17 billion, at the top end of its $15 billion to $17 billion medium-term range and up more than 25% from expected spending in 2022. The budget also includes nearly $2 billion for projects that lower carbon emissions or raise renewable fuels production capacity.

Piper Sandler analyst Ryan Todd on December 19 maintained an Overweight rating on Chevron Corporation (NYSE:CVX) but lowered the price target on the shares to $199 from $206. “Even after two years of outperformance,” the analyst remains constructive on the energy complex into 2023. 

According to Insider Monkey’s third quarter database, 66 hedge funds were bullish on Chevron Corporation (NYSE:CVX), compared to 59 funds in the earlier quarter. Ken Fisher’s Fisher Asset Management is a prominent position holder in the company, with 6.8 million shares worth approximately $976 million. 

In its Q1 2022 investor letter, Diamond Hill, an asset management firm, highlighted a few stocks and Chevron Corporation (NYSE:CVX) was one of them. Here is what the fund said:

“Other top contributors in Q1 included multinational energy company Chevron Corp. (NYSE:CVX). The company benefited from increased energy demand as COVID-related economic restrictions eased in tandem with concerns regarding supply interruptions related to Russia’s invasion of Ukraine.”