15 Best Large Cap Energy Stocks to Buy According to Hedge Funds

6. Chevron Corporation (NYSE:CVX)

No. of Hedge Funds Holders: 81

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.

Chevron Corporation (NYSE:CVX) has recently made headlines over the Trump administration’s stance towards its operations in Venezuela. Despite an earlier statement by a senior government official that the White House is set to extend the oil major’s deadline to halt its operations by another 60 days, Marco Rubio posted on X that Chevron’s license to operate in Venezuela will expire on May 27 as initially planned. However, according to a recent report by Bloomberg, the Trump administration is preparing to issue a narrowly tailored license to Chevron, allowing it to conduct minimal maintenance of essential operations in Venezuela.

Chevron Corporation (NYSE:CVX)’s operations in Venezuela are a major source of foreign exchange for the South American country. The company’s total output in the country surpassed 250,000 b/d earlier this month, representing a significant chunk of its overall global production.

Chevron Corporation (NYSE:CVX) is also currently in the process of acquiring Hess Corporation in a $53 billion deal, but the move has been delayed due to an arbitration dispute filed by the latter’s partners in Guyana. However, Chevron remains confident and even spent $2.2 billion to buy nearly 5% of the outstanding shares of Hess in the first quarter of 2025.