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

With general bullishness amongst the heavyweights, some big names have been driving this positivity. OZ Management created the most outsized call position in Chevron Corporation (NYSE:CVX). OZ Management had $307.2 million invested in the company 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 brand new CVX positions are Ken Griffin’s Citadel Investment Group, Glenn Russell Dubin’s Highbridge Capital Management, and Kenneth Tropin’s Graham Capital Management.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Chevron Corporation (NYSE:CVX) but similarly valued. 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 match CVX’s market value.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
BABA 104 8267577 35
NVS 26 914753 4
KO 53 19569276 -2
ORCL 56 5840268 3

As you can see these stocks had an average of 60 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. 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 taking a long position in.

Disclosure: None