5 Best Fuel Stocks to Buy Now

4. Chevron Corporation (NYSE:CVX)

Number of Hedge Fund Holders: 57

TTM PE ratio as of April 22: 9.25

Chevron Corporation (NYSE:CVX) is an American energy company with significant operations in oil and gas. The company is also focused on renewable energy sources. The company got involved in renewable fuel development in 2007 with the collaboration of the National Renewable Energy Laboratory to generate algae fuel. Furthermore, on June 13, 2022, Chevron Corporation (NYSE:CVX) completed the acquisition of Renewable Energy Group, Inc. to further enhance its renewable energy portfolio.

Chevron Corporation (NYSE:CVX) has recently announced the expansion of its natural gas production to meet the demand in the US and Europe. On April 18, the company issued a lease tender for a drill ship in 2024 for one year as per a Reuters report. Chevron Corporation (NYSE:CVX) is looking to explore natural gas in Cyprus, Egypt, and Israel.

In the fourth quarter of 2022, 57 hedge funds held a stake in Chevron Corporation (NYSE:CVX) and Berkshire Hathaway was the most significant hedge fund holder with nearly 163 million shares worth $29.25 billion.

Carillon Tower Advisers made the following comment about Chevron Corporation (NYSE:CVX)  in its Q4 2022 investor letter:

“Energy performed well during the fourth quarter, with the sector up about 23%. Investors returned to the sector after the Organization of the Petroleum Exporting Countries (OPEC) signaled it would reduce production. Chevron Corporation (NYSE:CVX) reported strong quarterly results while buying back stock, paying a healthy dividend, and maintaining a strong balance sheet.”