5 Dividend Stocks to Buy According to Billionaire Stanley Druckenmiller’s Duquesne Capital

2. Chevron Corporation (NYSE:CVX)

Number of Hedge Fund Holders: 59
Dividend Yield as of September 8: 3.66%

Chevron Corporation (NYSE:CVX) is a California-based energy industry company that deals in the exploration of oil and natural gas. The company currently offers a quarterly dividend of $1.42 per share, with a dividend yield of 3.66%, as recorded on September 8. It has been consistently raising its dividends for the past 35 years, coming through as one of the best dividend stocks in billionaire Druckenmiller’s portfolio.

Chevron Corporation (NYSE:CVX) was the third-largest holding of Duquesne Capital in Q2 2022. The hedge fund owned 830,435 shares in the company, worth $120.2 million. The company represented 8.69% of the fund’s 13F portfolio.

In August, BMO Capital raised its price target on Chevron Corporation (NYSE:CVX) to $180 with an Outperform rating on the shares, highlighting the company’s strong operational performance, asset base, and financial strength.

Warren Buffett’s Berkshire Hathaway owned stakes worth over $23.3 billion in Chevron Corporation (NYSE:CVX), becoming the company’s leading stakeholder in Q2 2022. Overall, 59 hedge funds in Insider Monkey’s database owned stakes in the energy company in Q2, up from 53 in the previous quarter. These stakes hold a collective value of over $26 billion.

Diamond Hill Capital mentioned Chevron Corporation (NYSE:CVX) in its Q1 2022 investor letter. Here is what the firm had to say:

“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.”