Here is What Hedge Funds Think About Chevron Corporation (CVX)

Now, specific money managers have been driving this bullishness. OZ Management, managed by Daniel S. Och, created the most valuable call position in Chevron Corporation (NYSE:CVX). OZ Management had $307.2 million invested in the position at the end of the quarter. Eric Mindich’s Eton Park Capital also made a $205.8 million investment in the stock during the quarter. The other funds with new positions in the stock are Ken Griffin’s Citadel Investment Group, Glenn Russell Dubin’s Highbridge Capital Management, and Kenneth Tropin’s Graham Capital Management.

Let’s go over hedge fund activity in other stocks similar to Chevron Corporation (NYSE:CVX). We will take a look at Alibaba Group Holding Ltd (NYSE:BABA), Novartis AG (ADR) (NYSE:NVS), The Coca-Cola Company (NYSE:KO), and Oracle Corporation (NASDAQ:ORCL). This group of stocks’ market values resemble CVX’s market value.

As you can see these stocks had an average of 59.75 hedge funds with bullish positions and the average amount invested in these stocks was $8.65 billion. That figure was $2.24 billion in CVX’s case. Alibaba Group Holding Ltd (NYSE:BABA) is the most popular stock in this table. On the other hand Novartis AG (ADR) (NYSE:NVS) is the least popular one with only 26 bullish hedge fund positions. Chevron Corporation (NYSE:CVX) is not the least popular stock in this group but hedge fund interest is still below average and it has far less money invested in it than 2 of the other stocks on this list. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard BABA might be a better candidate to consider a long position.

Disclosure: None