Want to know what a multibillionaire investor is doing with his money? Looking for a market-smashing 4.6% yield in this low-rate environment? The stock that Berkshire Hathaway just added to is Chevron Corporation - stock ticker CVX.

Chevron Corporation is a multinational energy company with a market cap of $225 billion. Berkshire Hathaway scooped up more than 5.5 million shares in Q3. That 24.1% addition to their position brought the entire stake up to approximately 28.7 million shares worth more than $3.3 billion. Let me point out one quick thing that's a bit odd about this one. Berkshire Hathaway initiated their position in Chevron in Q4 2020. They then sold off about half of it only one quarter later – in Q1 2021 – and followed up on that with another small reduction in Q2 2021. Here we are now, in Q3, and Berkshire Hathaway is doing an about-face and buying up the stock again. It seems that Buffett is jumping back on the oil train. Choo-choo. All aboard! WTI Crude is up about 60% this year. Chevron's stock, which has some correlation to the price of oil, is up only 38% this year.

Now, I'm not saying that Chevron will close that particular gap. It's not really the right comparison. What I am saying is, Chevron has its fundamentals being supported by strong oil pricing. We can see that show up in the company's monster Q3 report. Chevron's third quarter was a thing of beauty. They beat the bottom-line consensus expectation by $3.8 billion, with revenue coming in 82.9% higher than a year ago. They also crushed the top line. Adjusted EPS increased by more than 15 times compared to Q3 2020. Yes. 15 times. Strong oil pricing is also supporting the company's dividend. This Dividend Aristocrat has increased its dividend for 34 consecutive years. They didn't cut the dividend during the pandemic, even when oil pricing went negative for the first time in history. That speaks volumes about the company's commitment to the dividend. The 10-year dividend growth rate is 7.7%. Chevron increased the dividend by 3.9% earlier this year. And you know what they say - the safest dividend is the one that just got raised. While these growth rates are good, the yield is where Chevron really shines. Chevron's stock yields a market-smashing 4.6%. That's a juicy dividend right there. That's more than three times higher than what the S&P 500 yields. It's also 30 basis points higher than the stock's own five-year average yield. So while Chevron rakes in the cash, investors are able to lock in a yield that's higher than usual.

Buffett is known for his affinity for stocks that pay out big, growing dividends, so Chevron fits right in. Buying Chevron means you'd be invested alongside Warren Buffett. Of course, Buffett isn't the only one running the common stock portfolio for Berkshire Hathaway. He has two lieutenants helping him - Todd Combs, and Ted Weschler. Regardless of who actually pulled the trigger on Chevron stock, though, Buffett's got the exposure to Chevron all the same through his ownership in Berkshire Hathaway. If you haven't already taken a look at Chevron, now might be a good time to do so. The Dividend Aristocrat offers an undemanding valuation, a market-smashing 4.6% yield, more than 30 consecutive years of dividend raises, and favorable industry dynamics. The company is a leaner, meaner version of itself, dedicated to being a cash cow for its shareholders. Make sure to consider this long-term opportunity, if you haven't already.

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