Berkshire Hathaway Trims Stake in Chevron (CVX)

Chevron Corporation (NYSE:CVX) is included among the Top 12 Undervalued Dividend Stocks to Buy Now.

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Chevron Corporation (NYSE:CVX) manufactures and sells a range of high-quality refined products, including gasoline, diesel, marine and aviation fuels, premium base oil, finished lubricants, and fuel oil additives.

It was reported on May 15 that Berkshire Hathaway has trimmed its stake in Chevron Corporation (NYSE:CVX) by selling around $8 billion worth of its stock in the first quarter. The Omaha-based conglomerate capitalized on the soaring oil prices, which pushed the oil giant’s stock to a record high.

The transaction, which occurred at a volume-weighted average price of $182.59 a share, reduced Berkshire’s position in Chevron by around a third. However, despite the sale, the conglomerate still owns a 4.2% stake in the integrated energy major and remains its fourth-largest shareholder.

Chevron Corporation (NYSE:CVX)’s upstream business received a significant boost from the oil price rally amid the Iran war, helping the company exceed profit estimates in its recent Q1 report. The oil and gas giant revealed that it is less exposed to the Middle East war compared to its peers, as less than 5% of its production comes from the region.

With an impressive dividend yield of 3.63%, Chevron Corporation (NYSE:CVX) was also recently included in our list of the 12 Best Blue Chip Dividend Stocks to Buy Now.

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