5 Best Fuel Stocks to Buy Now

4. Chevron Corporation (NYSE:CVX)

Number of Hedge Fund Holders: 59

San Ramon, California-based Chevron Corporation (NYSE:CVX) is one of the world’s leading integrated energy companies. It produces crude oil and natural gas, and manufactures transportation fuels, lubricants, petrochemicals, and additives.

In June, Chevron Corporation (NYSE:CVX) announced that it had completed the previously announced acquisition of Renewable Energy Group, Inc. (NASDAQ:REGI) in an all-cash transaction valued at $3.15 billion. The acquisition is expected to support Chevron’s goal to increase renewable fuels production capacity to 100,000 barrels per day by 2030.

Chevron Corporation (NYSE:CVX) has a history of regular quarterly dividends dating back to more than 30 years. In July, its board of directors declared a quarterly dividend of $1.42 per share. Its shares had a dividend yield of 3.38%.

On October 19, Jefferies analyst Lloyd Byrne initiated coverage of Chevron Corporation (NYSE:CVX) shares with a ‘Hold’ rating and a $171 price target for the shares.

According to the Insider Monkey data on 895 leading hedge funds, 56 hedge funds were long Chevron Corporation (NYSE:CVX) shares as of Q2 2022, with the total shares held by hedge funds valued at $26.0 billion. Warren Buffett’s Berkshire Hathaway was the largest hedge fund shareholder with ownership of 161.4 million shares valued at $23.4 billion.