Is Chevron (CVX) a Smart Investment Choice?

Diamond Hill Capital, an investment management firm, published its “Diamond Hill Long-Short Fund” first-quarter 2022 investor letter – a copy of which can be downloaded here. The Diamond Hill Long-Short Fund’s returns were just about flat—slightly positive— in Q1. After a strong rebound in 2021, the fund expects the global GDP growth to moderate in 2022. Try to take some time looking at the fund’s top 5 holdings to be informed about their best picks for 2022.

In its Q1 2022 investor letter, Diamond Hill Long-Short Fund mentioned Chevron Corporation (NYSE:CVX) and explained its insights for the company. Founded in 1879, Chevron Corporation (NYSE:CVX) is a San Ramon, California-based energy industry company with a $267.0 billion market capitalization. Chevron Corporation (NYSE:CVX) delivered a 15.84% return since the beginning of the year, while its 12-month returns are up by 37.84%. The stock closed at $135.94 per share on July 14, 2022.

Here is what Diamond Hill Long-Short Fund has to say about Chevron Corporation (NYSE:CVX) in its Q1 2022 investor letter:

“Other top contributors in Q1 included multinational energy company Chevron Corp. (NYSE:CVX). The company benefited from increased energy demand as COVID-related economic restrictions eased in tandem with concerns regarding supply interruptions related to Russia’s invasion of Ukraine.”

Chevron Corporation (NYSE:CVX), Sign, gass station, logo, Symbol, oil, fuel

Ken Wolter / Shutterstock.com

Our calculations show that Chevron Corporation (NYSE:CVX) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Chevron Corporation (NYSE:CVX) was in 53 hedge fund portfolios at the end of the first quarter of 2022, compared to 53 funds in the previous quarter. Chevron Corporation (NYSE:CVX) delivered a -20.78% return in the past 3 months.

In July 2022, we also shared another hedge fund’s views on Chevron Corporation (NYSE:CVX) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.

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