5 Stocks Billionaire Ken Fisher May Never Sell

2. Chevron Corporation (NYSE:CVX)

Value of Fisher Investments’ 13F Position: $1.07 billion

Number of Hedge Fund Shareholders: 56

Fisher trimmed his stake in Chevron Corporation (NYSE:CVX) ever so slightly in Q1, selling off 16,442 shares. The billionaire money manager still held over 6.58 million shares of the multinational energy giant in his firm’s 13F portfolio as of March 31. Billionaire investing legend Warren Buffett has owned CVX since late 2020 and bought another 121 million shares of the company in Q1. CVX shares have gained 16.5% in 2022.

Despite the YTD gains, Chevron Corporation (NYSE:CVX) and other energy stocks have cooled off considerably over the past month alongside oil prices, with CVX shares losing 25% of their value since June 8. CEO Michael Wirth believes oil prices could rebound quickly however, noting that there is still the same level of tightness in the supply chain as there was when oil prices skyrocketed earlier this year. Should oil prices rebound, CVX shares will likely do the same in short order.

The Carillon Eagle Growth & Income Fund discussed some of the reasons behind Chevron Corporation (NYSE:CVX)’s recent price increase in its Q1 2022 investor letter:

”Along with the spike in oil prices, energy stocks performed best during the quarter, followed by more defensive and countercyclical sectors like utilities and consumer staples. Chevron (NYSE:CVX) traded higher with global energy prices. The war in Ukraine prompted fears over a shortage in supply, resulting in higher commodity prices.”