In this article, we discuss the 5 best clean energy stocks to invest in. If you want to read our detailed analysis of the renewable energy industry, go directly to the 15 Best Clean Energy Stocks to Invest In.
5. Chevron Corporation (NYSE: CVX)
Number of Hedge Fund Holders: 41
Chevron Corporation (NYSE: CVX) is a company involved in integrated energy, chemicals, and petroleum operations across the globe. The company is also investing in renewable fuels, products, and power to reduce the carbon intensity of its operations. It has two segments, namely the Upstream and Downstream segments. The company ranks 5th on our list of the best clean energy stocks to invest in.
This April, Forbes report that Chevron Corporation (NYSE: CVX) was the first major US oil company to invest in a renewable energy project. The company has invested in an offshore wind power project this year. On June 15th, the company announced that it would be restarting its Train 3 at the Gorgon liquefied natural gas plant in Australia in the coming weeks. In the first quarter of 2021, Chevron Corporation (NYSE: CVX) had $0.9 in EPS and $32.03 billion in revenue. The stock has gained 26.2% in the past 6 months and 26.48% year to date.
By the end of the first quarter of 2021, 41 hedge funds out of the 866 tracked by Insider Monkey held stakes in Chevron Corporation (NYSE: CVX). The total value of their stakes was roughly $4.86 billion. This is compared to the previous quarter’s 50 hedge fund holders with a total stake value of approximately $5.39 billion.
“While reducing in health care and consumer staples, we increased our exposure to high-quality names in economically sensitive areas of the market. We added to low-cost, high-quality energy names, (including) Chevron. We are positive on the company’s strong balance sheets, competitive positions and exposure to an economic recovery.”