Stan Druckenmiller Portfolio: Top 5 Stock Picks

4. Chevron Corporation (NYSE:CVX)

Value of Duquesne Capital‘s 13F Position: $99.2 Million

Number of Hedge Fund Shareholders: 68

Druckenmiller cut his stake in Chevron Corporation (NYSE:CVX) by 17% during Q3, one of only two positions in his top ten whose size was lowered during the quarter. His family office owned 690,295 CVX shares on September 30. Hedge fund ownership of CVX has risen during five of the last six quarters to hit an all-time high on September 30.

Chevron Corporation (NYSE:CVX) is another stock that’s done well this year, gaining 46%, so it’s not too surprising to see Druckenmiller do some profit taking from the holding. CVX shares have gained 20% in Q4 alone, bolstered by OPEC’s decision to cut production by 2 million barrels per day in light of oil prices that have been weakened by demand concerns. Chevron’s free cash flow ballooned to $29 billion during the first nine months of 2022, more than double what it earned during the corresponding period of 2021.

The Carillon Eagle Growth & Income Fund discussed the strong performance of Chevron Corporation (NYSE:CVX) and the broader energy industry 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.”