5 Best Energy Stocks to Invest In Today

3. Chevron Corporation (NYSE: CVX)

Number of Hedge Fund Holders: 50

Chevron Corporation (NYSE: CVX) is an American multinational energy company and the second-largest oil company in the country. The company manufactures and sells high-quality refined products, such as gasoline, diesel, premium base oil, and lubricants. Chevron Corporation (NYSE: CVX) has headquarters in California, U.S. It ranks third on our list of the best energy stocks to invest in today.

In Q2 2021, Chevron Corporation (NYSE: CVX) posted an EPS of $1.71, beating the consensus by $0.11. The revenue for the quarter stood at $37.6 billion, presenting a 178.7% growth from the prior-year quarter. In August, Chevron Corporation (NYSE: CVX) announced the launch of fully synthetic transmission fluid, engineered for Allison heavy-duty automatic truck and bus transmissions. Recently, Piper Sandler lifted its price target on Chevron Corporation (NYSE: CVX) to $137, with an ‘Overweight’ rating on the shares. The stock gained 22.9% in the past year.

The number of hedge funds having positions in Chevron Corporation (NYSE: CVX) increased from 41 in Q1 to 50 in Q2 2021. The total value of these stakes is over $4.27 billion.

ClearBridge Investments released its Q1 2021 investor letter and mentioned Chevron Corporation (NYSE: CVX) in it. Here is what the firm has to say:

“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.”