Several Reasons for the Outperformance of Chevron Corporation (CVX) in Q4

Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Growth & Income Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. Following three difficult quarters, the market, as defined by the S&P 500 Index, rebounded well in the fourth quarter, rising 7.6%. For the full year, the market returned -18.1%. The fund delivered positive returns in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Carillon Eagle Growth & Income Fund highlighted stocks like Chevron Corporation (NYSE:CVX) in its Q4 2022 investor letter. Headquartered in San Ramon, California, Chevron Corporation (NYSE:CVX) engages in energy and chemicals operations. On March 7, 2023, Chevron Corporation (NYSE:CVX) stock closed at $164.03 per share. One-month return of Chevron Corporation (NYSE:CVX) was -3.51%, and its shares lost 1.35% of their value over the last 52 weeks. Chevron Corporation (NYSE:CVX) has a market capitalization of $312.751 billion.

Carillon Eagle Growth & Income Fund made the following comment about Chevron Corporation (NYSE:CVX)  in its Q4 2022 investor letter:

“Energy performed well during the fourth quarter, with the sector up about 23%. Investors returned to the sector after the Organization of the Petroleum Exporting Countries (OPEC) signaled it would reduce production. Chevron Corporation (NYSE:CVX) reported strong quarterly results while buying back stock, paying a healthy dividend, and maintaining a strong balance sheet.”

Pipeline in industrial district

Chevron Corporation (NYSE:CVX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 57 hedge fund portfolios held Chevron Corporation (NYSE:CVX) at the end of the fourth quarter which was 66 in the previous quarter.

We discussed Chevron Corporation (NYSE:CVX) in another article and shared the list of large-cap stocks hedge funds are dumping. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.

Suggested Articles:

• 15 Largest Commercial Printing Companies in the World
• 15 Biggest Retirement Communities in the World
• 12 Most Undervalued Hotel Stocks to Buy

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