Climate Activist Hedge Fund Engine No. 1 Is Buying These 5 Energy Stocks

4. Chevron Corporation (NYSE: CVX)

Number of Hedge Fund Holders: 50

Chevron Corporation (NYSE: CVX) is a California-based integrated oil and gas company. It is placed fourth on our list of 10 energy stocks climate activist hedge fund Engine No. 1 is buying. 13F filings reveal that Engine No. 1 owned 6,168 shares in the company at the end of June 2021 worth $646,000, representing 0.17% of the portfolio. 

On July 23, investment advisory Piper Sandler reiterated an Overweight rating on Chevron Corporation (NYSE: CVX) stock and raised the price target to $137 from $126, noting that upstream valuations for the oil sector remained severely discounted. 

At the end of the second quarter of 2021, 50 hedge funds in the database of Insider Monkey held stakes worth $4.2 billion in Chevron Corporation (NYSE: CVX), up from 41 in the preceding quarter worth $4.8 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.”