5 Best Oil Stocks to Buy According to Hedge Funds

3. Chevron Corporation (NYSE:CVX)

No. of Hedge Fund Holders: 66

Chevron Corporation (NYSE:CVX) is an integrated leading energy company. It produces crude oil and natural gas, manufactures transportation fuels, lubricants, petrochemicals and additives, and also develops technologies enhancing the business and industry.

Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (NYSE:CVX), has closed its acquisition of full ownership of Beyond6, LLC and its nationwide network of compressed natural gas stations.

Chevron Corporation (NYSE:CVX) has released its Q3 2022 results. The company saw earnings of $11.2 billion in Q3 2022 against $6.1 billion in Q3 2021. Its sales and other operating revenues were $64 billion against $43 billion in the year-ago period.

Analysts at Cowen upped their price objective on the shares of Chevron Corporation (NYSE:CVX) from $160.00 to $185.00 on October 31. They gave an “Outperform” rating on the company’s stock.

During Q3 2022, Chevron Corporation (NYSE:CVX) paid dividends of $2.7 billion (6% higher per share against Q3 2021), increased investments by more than 50% in comparison to last year, paid down debt for 6^th consecutive quarter, and repurchased $3.75 billion of shares.

According to Insider Monkey’s data, 66 hedge funds were long Chevron Corporation (NYSE:CVX) at the end of Q3 2022, compared to 59 funds in the earlier quarter.