Here’s Why Chevron Corporation (CVX) Declined in Q1

ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Value Strategy” first quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy underperformed its benchmark, the Russell 1000 Value Index, in the first quarter. On an absolute basis, the strategy gained from 5 of the 11 sectors in which it was invested for the quarter. The information technology (IT) and communication services sectors were the leading contributors while health care and financials sectors detracted. Overall stock selection detracted from the performance on a relative basis while sector allocation was positive. In addition, please check the fund’s top five holdings to know its best picks in 2023.

ClearBridge Large Cap Value Strategy highlighted stocks like Chevron Corporation (NYSE:CVX) in its Q1 2023 investor letter. Headquartered in San Ramon, California, Chevron Corporation (NYSE:CVX) engages in energy and chemicals operations. On July 3, 2023, Chevron Corporation (NYSE:CVX) stock closed at $157.21 per share. One-month return of Chevron Corporation (NYSE:CVX) was 0.91%, and its shares gained 10.20% of their value over the last 52 weeks. Chevron Corporation (NYSE:CVX) has a market capitalization of $295.698 billion.

ClearBridge Large Cap Value Strategy made the following comment about Chevron Corporation (NYSE:CVX) in its first quarter 2023 investor letter:

“Oil prices edged down in the quarter as the prospects of further rate hikes and economic fears overcame optimism about demand from a re-emerging China, weighing on exploration and production companies such as ConocoPhillips (COP) and Chevron Corporation (NYSE:CVX). These names detracted in the quarter after acting as top contributors throughout much of 2022.”

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Chevron Corporation (NYSE:CVX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 64 hedge fund portfolios held Chevron Corporation (NYSE:CVX) at the end of first quarter 2023 which was 57 in the previous quarter.

We discussed Chevron Corporation (NYSE:CVX) in another article and shared The London Company Large Cap Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.