5 LNG Shipping Stocks to Buy Now

3. Chevron Corporation (NYSE:CVX)

Number of Hedge Fund Holders: 53

Chevron Corporation (NYSE:CVX) is an energy and chemicals firm. Reports suggest that the US is considering easing sanctions on Venezuela to let Chevron speak to the authorities and negotiate more control over joint-projects with state-run energy firm PDVSA. Chevron holds a large stake in the LNG project in Angola, one of the largest projects of its kind in Africa and the first one in Angola. The facility has the capacity to process around 1.1 billion cubic feet of natural gas per day. 

On April 5, UBS analyst Luiz Carvalho kept a Buy rating on Chevron Corporation (NYSE:CVX) stock and raised the price target to $192 from $150, noting that the firm had “lower exposure to Russia compared to peers”. 

At the end of the fourth quarter of 2021, 53 hedge funds in the database of Insider Monkey held stakes worth $6.5 billion in Chevron Corporation (NYSE:CVX), up from 51 in the preceding quarter worth $4.4 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.”