Warren Buffett has had some good news and bad news so far this year. First, the bad news: Shares of Buffett's Berkshire Hathaway (BRK.A 0.99%) (BRK.B 0.91%) are down around 9% year to date. The good news, though, is that Berkshire is handily outperforming the major market indexes.

Several stocks have led the way in propping up Berkshire this year. Here are the three best Buffett stocks in the first half of 2022 -- and whether or not they look like smart picks to buy now. (Note: This ranking only includes stocks that were in Berkshire's portfolio for the entire period and excludes new stocks purchased in the first six months of the year.)

1. Chevron

Buffett appears to be a big fan of energy stocks these days. He led Berkshire to steadily build its position in Chevron (CVX 1.20%) beginning in 2020. The giant oil and gas company now stands as one of the largest positions in Berkshire's portfolio.

The investment in Chevron has paid off handsomely. The stock has soared close to 25% year to date after delivering a 39% return in 2021.

High fuel prices have boosted Chevron's rise. However, some investors are concerned that oil prices could fall since OPEC is committing to increase its production levels and the Federal Reserve is raising interest rates to fight inflation.

2. Activision Blizzard

Berkshire first invested in Activision Blizzard (ATVI) in the fourth quarter of 2021. That proved to be an astute move. Shares of the video game company have vaulted close to 17% higher so far this year, trouncing the overall stock market.

This strong performance is due to Microsoft's (MSFT 0.46%) planned acquisition of Activision. Although Buffett and his team didn't know in advance that a deal was in the works, they've definitely benefited from it.

What's more, Buffett has increased Berkshire's stake in Activision this year. Some have criticized the multibillionaire investor for engaging in merger arbitrage. However, Buffett thinks that buying more shares is a good bet.

3. T-Mobile

T-Mobile (TMUS 0.02%) isn't one of the larger Berkshire holdings. However, the telecom stock has definitely been one of the biggest winners for Buffett so far this year, jumping nearly 16%.

The primary catalyst for T-Mobile came in early February with the company's 2021 fourth-quarter update. T-Mobile's revenue only increased by 2.2% year over year and its earnings were less than half the level from the prior-year period. However, the company provided a positive outlook for full-year 2022.

T-Mobile expects to continue achieving synergies from its acquisition of Sprint. It also projects postpaid net customer additions in 2022 of between 5 million and 5.5 million. Hitting this range will make the company the industry leader for the eighth consecutive year.

Are they buys now?

I agree with Buffett's bullish view of energy stocks. As such, my take is that Chevron remains a solid stock to buy.

We've already seen OPEC miss oil-production targets. This, combined with the European Union's plans to ban more than two-thirds of Russian oil imports by the end of the year, are likely to keep oil prices at high levels. That works to Chevron's advantage. With the company's juicy dividend yield of nearly 3.9%, the stock doesn't have to do much to make investors money.

There certainly are some risks that regulators won't allow Microsoft to acquire Activision Blizzard. If the deal falls apart, so will the stock. However, Activision stock has an upside potential of over 20%, assuming Microsoft wins regulatory approval.

While I'm not an arbitrage master, I think the odds are in favor of this acquisition going through. I'd put Activision Blizzard in the buy category, as well.

That leaves T-Mobile. It wouldn't surprise me if the telecom stock continues to perform well. My main problem with it, though, is valuation. Shares currently trade at 52 times expected earnings -- much higher than the forward earnings multiples of T-Mobile's peers. I give a thumbs-down to this stock, as a result.