Jim Cramer Says to Wait “Before You Pull the Trigger” on Chevron Corporation (CVX) Stock

We recently published a list of 8 Stocks on Jim Cramer’s Radar. In this article, we are going to take a look at where Chevron Corporation (NYSE:CVX) stands against other stocks on Jim Cramer’s radar.

An aerial view of an oil rig at sea, the sun glinting off its structure.

A caller asked if it is a good time to buy Chevron Corporation (NYSE:CVX) stock, given that it has fallen from its 52-week high. In response, Cramer said:

“Okay, I think that you have to have a view on oil when you think about this one…. And I think that first, I think oil’s going lower. I think it goes to the 50s. I think it’s part of the president’s plan to be able to reduce the inflation rate. However, it does yield 5%. I don’t want to reach for yield. I never want to just say, you know what, I’ll take the 5% and not worry about the common stock. You are going to wait till this stock at 136 goes to 130 before you pull the trigger and not until then.”

Chevron (NYSE:CVX) is involved in a wide range of energy and chemical activities, including oil and gas exploration, production, refining, transportation, and marketing. The company also focuses on the development of renewable fuels, petrochemicals, and carbon capture technologies.

Overall, CVX ranks 3rd on our list of stocks on Jim Cramer’s radar. While we acknowledge the potential of CVX as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than CVX and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

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