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Chevron Corporation (CVX) Becomes the Latest Conglomerate to Reconsider the Oil Sands

According to Reuters, Chevron Corporation (NYSE:CVX) is considering divesting its 20% holding in the giant Athabasca Oil Sands project, potentially becoming the latest energy conglomerate to leave Canada’s oil sands. Due to low crude prices and the considerable initial capital investments required to get a project off the ground, oil giants Royal Dutch Shell and ConocoPhillips (NYSE:COP) have sold much of their Canadian oil sands to other companies in recent months. If Chevron Corporation (NYSE:CVX) were to divest, the company could potentially raise $2.5 billion for its 20% stake. Chevron has lately divested non-core assets to focus more on more promising and lower-cost shale plays.

Shares of the company are down Thursday due to softer crude prices and broader sector weakness.

What Does The Smart Money Sentiment Say?

At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 39.7% gains over the past 12 months and outperformed the 24.1% gain enjoyed by the S&P 500 ETFs. Our enhanced small-cap hedge fund strategy returned more than 45% over the last 12 months and outperformed SPY by more than 30 percentage points over the last 4.5 years (see details here).

Smart money sentiment surround Chevron was stable in Q4. Of the 742 elite funds we track, 50 had a bullish position in Chevron Corporation (NYSE:CVX) at the end of the fourth quarter, down 3 funds from the previous quarter.

The Bottom Line

Chevron Corporation (NYSE:CVX) is trending after Reuters reported that the company is considering divesting its stake in a giant Canadian oil sands project. For more reading, check out ‘11 Countries That Consume The Most Oil In the World‘.



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