5 Best Energy Stocks To Buy Now

3. Chevron Corporation (NYSE:CVX)

Number of Hedge Fund Holders: 71

Chevron Corporation (NYSE:CVX) is a distinguished American multinational energy company with a primary focus on the oil and gas industry. Originating as the Standard Oil Company of California, it stands as the second-largest direct descendant of Standard Oil. Headquartered in San Ramon, California, the company operates in more than 180 countries globally.

In early February, Chevron Corporation (NYSE:CVX) released its Q4 results. The adjusted earnings per share (EPS) for the quarter amounted to $3.45, surpassing estimates by $0.23. However, revenue experienced a 16.5% year-over-year decline, totaling $47.18 billion, falling short of estimates by $6.02 billion.

As of the end of the fourth quarter of 2023, 71 hedge funds tracked by Insider Monkey had stakes in Chevron Corporation (NYSE:CVX).

The London Company Large Cap Strategy stated the following regarding Chevron Corporation (NYSE:CVX) in its fourth quarter 2023 investor letter:

“Chevron Corporation (NYSE:CVX) – CVX underperformed during 4Q as oil prices fell, 3Q results missed expectations, and CVX negatively adjusted 2024-2025 cash flow guidance for its key asset in Kazakhstan. It is also notable that CVX announced a deal to acquire Hess Corp in a stock-for-stock transaction. While we generally do not maintain a high degree of exposure to pure commodity businesses, we continue to view CVX favorably for its conservative balance sheet, focus on returns, and commitment to the dividend.”