Druckenmiller’s Prediction and His 5 Defensive Stock Picks

In this article, we discuss Stanley Druckenmiller’s 5 defensive stock picks. If you want to read about some more stocks in the Druckenmiller portfolio and a detailed overview of his latest market prediction, go directly to Market Could be “Flat” for 10 Years: Druckenmiller’s Prediction and His 10 Defensive Stock Picks.

5. Chevron Corporation (NYSE:CVX)

Number of Hedge Fund Holders: 59     

Chevron Corporation (NYSE:CVX) engages in integrated energy and chemical operations worldwide. Securities filings show that Duquesne Capital owned 830,435 shares of Chevron Corporation (NYSE:CVX) at the end of June 2022 worth $120 million, representing close to 8.69% of the portfolio. Chevron Corporation (NYSE:CVX) is one of the defensive stock picks of Stanley Druckenmiller.

On September 12, investment advisory Piper Sandler maintained an Overweight rating on Chevron Corporation (NYSE:CVX) stock and raised the price target to $190 from $189. Analyst Ryan Todd issued the ratings update. 

At the end of the second quarter of 2022, 59 hedge funds in the database of Insider Monkey held stakes worth $26 billion in Chevron Corporation (NYSE:CVX), compared to 53 the preceding quarter worth $27.99 billion.

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.”