5 Best Energy Stocks for 2022

4. Chevron Corporation (NYSE:CVX)

Number of Hedge Fund Holders: 53

Chevron Corporation (NYSE:CVX) is being eyed by analysts in 2022. This May, Credit Suisse analyst Manav Gupta raised his price target on Chevron Corporation (NYSE:CVX) to $190 from $180 and reiterated an Outperform rating on the shares in light of the company’s quarterly results.

On April 29, Chevron Corporation (NYSE:CVX) released an earnings report which presented the company’s performance in the fiscal first quarter of 2022. The company generated revenues of $54.37 billion, up 69.76% year over year from $32.03 billion. Chevron Corporation (NYSE:CVX) reported earnings per share of $3.36. The stock is rising and becoming a lucrative investment driving shareholder returns. As of May 7, Chevron Corporation (NYSE:CVX) has surged 55.78% over the past twelve months, making it one of the best energy stocks to buy in 2022.

Hedge funds are betting bullishly on Chevron Corporation (NYSE:CVX) for some time now. At the end of Q4 2021, Insider Monkey found 53 hedge funds that were bullish on the stock having stakes worth more than $6.50 billion, up from $4.44 billion in the third quarter of 2021 with 51 positions. The hedge fund sentiment for the stock is positive.

As of the end of last December, Berkshire Hathaway is the leading stakeholder in Chevron Corporation (NYSE:CVX). The Warren Buffett-led hedge fund held stakes worth $4.48 billion in the company, up 34% from its Q3 2021 stakes.

ClearBridge Investments mentioned Chevron Corporation (NYSE:CVX) in its first-quarter 2022 investor letter. Here is what the firm said:

“The energy sector, which led a strong market in 2021, generated even more dramatic relative performance in the quarter, advancing 39% and leading the benchmark Russell 1000 Value Index. Years of restrained investment in the energy sector, combined with a strong post-pandemic recovery, contributed to the higher commodity prices. The upward pressure escalated with the Russian invasion of Ukraine. Our energy holding Chevron (NYSE:CVX) benefited from higher commodity prices and was among the top contributors to first-quarter performance.”