5 Companies That Announced Huge Share Buybacks Recently

In this article, we discuss the 5 companies that announced huge share buybacks recently. If you want to read about some more firms that just announced share buybacks, go directly to 10 Companies That Announced Huge Share Buybacks Recently.

5. Chevron Corporation (NYSE:CVX)

Number of Hedge Fund Holders: 64 

Chevron Corporation (NYSE:CVX) is an integrated oil and gas firm. In January this year, Chevron Corporation announced the authorization of a $75 billion stock buyback program, reflecting the confidence in the financial position and commitment to returning value to shareholders. The company also recently announced plans to drill in the gas-rich sites of African nation Algeria. The firm had previously announced plans to sell energy assets in Congo for nearly $1.5 billion.

On June 1, investment advisory RBC Capital upgraded Chevron Corporation (NYSE:CVX) stock to Outperform from Sector Perform and raised the price target to $180 from $165, noting the firm had effectively used its premium multiple to acquire companies in recent years. 

At the end of the first quarter of 2023, 64 hedge funds in the database of Insider Monkey held stakes worth $23 billion in Chevron Corporation (NYSE:CVX), up from 57 in the preceding quarter worth $32 billion. 

In its Q4 2022 investor letter, Carillon Tower Advisers highlighted a few stocks and Chevron Corporation (NYSE:CVX) was one of them. Here is what the fund said:

“Energy performed well during the fourth quarter, with the sector up about 23%. Investors returned to the sector after the Organization of the Petroleum Exporting Countries (OPEC) signaled it would reduce production. Chevron Corporation (NYSE:CVX) reported strong quarterly results while buying back stock, paying a healthy dividend, and maintaining a strong balance sheet.”