Retirement Stock Portfolio: 5 Safe Energy Stocks to Consider

3. Chevron Corporation (NYSE:CVX)

Number of Hedge Fund Holders: 66     

Chevron Corporation (NYSE:CVX) engages in integrated energy and chemical operations worldwide. It is one of the elite safe energy stocks for a retirement stock portfolio. On October 25, after releasing the 2022 methane report, Chevron said it has cut the methane intensity at its operations by 50%, making the company’s US upstream methane intensity 85% lower than the US upstream production sector average as of 2020.

On October 19, Jefferies analyst Lloyd Byrne initiated coverage of Chevron Corporation (NYSE:CVX) stock with a Hold rating and $171 price target, noting that the Option Value of energy is up again, driven by a constrained capital cycle.

At the end of the third quarter of 2022, 66 hedge funds in the database of Insider Monkey held stakes worth $27 billion in Chevron Corporation (NYSE:CVX), compared to 59 in the preceding quarter worth $26 billion.

In its Q1 2022 investor letter, Diamond Hill, an asset management firm, highlighted a few stocks and Chevron Corporation (NYSE:CVX) was one of them. Here is what the fund said:

“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.”