Warren Buffett and Billionaires Are Crazy About These 5 Stocks

4. Chevron Corporation (NYSE:CVX)

Number of Billionaire Investors: 19

Chevron Corporation (NYSE:CVX) ranks 4th in our list of the stocks Warren Buffett and other billionaires are buying. Warren Buffett owns an $18.5 billion stake in Chevron Corporation (NYSE:CVX) as of the end of the third quarter. Overall, 19 billionaires had stakes in Chevron Corporation (NYSE:CVX). Other billionaires bullish on the stock include Ken Fisher. Israel Englander, Cliff Asness and Steve Cohen.

Chevron Corporation (NYSE:CVX) recently said it expects total capital spending for FY 2024 to rise by about 14% year over year to $15.5 billion – $16.5 billion, plus an additional $3 billion for affiliate capex.

Ariel Focus Fund made the following comment about Chevron Corporation (NYSE:CVX) in its third 2023 investor letter:

“Also in the quarter, we initiated a position in Chevron Corporation (NYSE:CVX), the second largest integrated energy company in the U.S., operating in exploration, production and refining on a global scale. We view the company as competitively advantaged with a strong balance sheet, sustainable growth pathway and an effective management team. Going forward CVX expects improved cost efficiencies and production growth via its differentiated position in the Permian Basin and recent acquisition of Noble Energy. Additionally, management believes a combination of its new higher-margin projects along with operational improvements will drive a double-digit return of capital employed by 2027. Although oil and gas prices, which lay outside of the company’s control, ultimately dictate Chevron’s earnings and cashflow profile, the organization is laser focused on capital discipline. It is this lack of predictability, and potential fear of a global recession which presented us with an opportunity to initiate a position in this high barrier to entry producer at reasonable prices.”