5 Best Fuel Stocks To Buy Now

2. Chevron Corporation (NYSE:CVX)

Number of Hedge Fund Holders: 50

Chevron Corporation (NYSE:CVX) is one of the biggest oil companies in the world. It has benefited greatly from the recent increase in oil prices that jumped above $85 per barrel in late October, topping seven-year highs of $80 touched earlier in the month. The earnings results of the firm for the third quarter reflected further potential as well, as it beat market expectations on earnings per share and revenue by $0.77 and $3.8 billion respectively. 

Chevron Corporation (NYSE:CVX) is also recognized as a trusted name in the dividend stock world. It recently declared a quarterly dividend of $1.34 per share, in line with previous. The forward yield was 4.78%. 

At the end of the second quarter of 2021, 50 hedge funds in the database of Insider Monkey held stakes worth $4.2 billion in Chevron Corporation (NYSE:CVX), up from 41 in the preceding quarter worth $4.8 billion. 

In its Q1 2021 investor letter, ClearBridge Investments highlighted a few stocks and Chevron Corporation (NYSE:CVX) was one of them. Here is what the fund said:

“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.”