In this article, we discuss the 5 best oil stocks to buy amid post-COVID demand boom and price volatility. If you want to read our detailed analysis of these stocks, go directly to the 10 Best Oil Stocks to Buy Amid Post-COVID Demand Boom and Price Volatility.
5. Chevron Corporation (NYSE: CVX)
Number of Hedge Fund Holders: 41
Chevron Corporation (NYSE: CVX) is a California-based firm with interests in energy, chemicals, and petroleum products. It is placed fifth on our list of 10 best oil stocks to buy amid post-COVID demand boom and price volatility. The stock has offered investors returns exceeding 23% over the course of the past year.
On June 30, news agency Reuters reported that Chevron Corporation (NYSE: CVX) was considering selling two major oil-related assets worth close to $1 billion. The proceeds will be used to fund the energy transition of the firm away from fossil fuels.
At the end of the first quarter of 2021, 41 hedge funds in the database of Insider Monkey held stakes worth $4.8 billion in Chevron Corporation (NYSE: CVX), down from 50 in the preceding quarter worth $5.3 billion.
“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.”