5 Best Oil Stocks To Buy According To Hedge Funds

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In this article, we discuss the 5 best oil stocks to buy according to hedge funds. If you want to read about some more oil stocks, go directly to 10 Best Oil Stocks To Buy According To Hedge Funds.

5. Chevron Corporation (NYSE:CVX)

Number of Hedge Fund Holders: 59     

Chevron Corporation (NYSE:CVX) engages in integrated energy and chemical operations worldwide. It is one of the elite energy stocks to invest in. On September 19, news agency Reuters reported that the company was offering other energy giants stakes in more than 2,000 oil and gas wells in Alaska. Per the agency, the sale could rake in around $450 million to $550 million for the firm. The three fields produce 9,400 boe/day of oil and gas.

On September 12, investment advisory Piper Sandler maintained an Overweight rating on Chevron Corporation (NYSE:CVX) stock and raised the price target to $190 from $189. Analyst Ryan Todd issued the ratings update. 

At the end of the second quarter of 2022, 59 hedge funds in the database of Insider Monkey held stakes worth $26 billion in Chevron Corporation (NYSE:CVX), compared to 53 the preceding quarter worth $27.99 billion.

In its Q1 2022 investor letter, Diamond Hill, an asset management firm, highlighted a few stocks and Chevron Corporation (NYSE:CVX) was one of them. Here is what the fund said:

“Other top contributors in Q1 included multinational energy company Chevron Corp. (NYSE:CVX). The company benefited from increased energy demand as COVID-related economic restrictions eased in tandem with concerns regarding supply interruptions related to Russia’s invasion of Ukraine.” 

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