Vivek Ramaswamy’s New ETF: Top 5 Stock Picks

2. Chevron Corporation (NYSE:CVX)

Percentage of Strive U.S. Energy ETF’s Portfolio: 16.5%

Number of Hedge Fund Holders: 59

Wall Street is bullish on Chevron Corporation (NYSE:CVX). On August 4, Societe Generale analyst Irene Himona raised her price target on Chevron Corporation (NYSE:CVX) to $190 from $175 and upgraded the stock to Buy from Hold. On September 6, Morgan Stanley analyst Devin McDermott raised his price target on Chevron Corporation (NYSE:CVX) to $193 from $187 and maintained an Equal Weight rating on the shares. As of September 8, the stock has surged 61.49% over the past twelve months.

Chevron Corporation (NYSE:CVX) is another cash-rich energy company that is currently trading at bargain levels. As of September 8, the stock is trading at a PE ratio of 10.38 and is offering a forward dividend yield of 3.66%, which the company supports with trailing twelve-month free cash flows of $30.2 billion.

At the close of the second quarter of 2022, 59 hedge funds were eager on Chevron Corporation (NYSE:CVX) and held stakes worth $26 billion in the company. This is compared to 53 hedge funds in the previous quarter with stakes worth $27.9 billion.

Diamond Hill Capital mentioned Chevron Corporation (NYSE:CVX) in its first-quarter 2022 investor letter, here is what the investment management 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.”