These 5 Stocks Can Skyrocket if Donald Trump Wins US Election 2024

4. Chevron Corp (NYSE:CVX)

Number of Hedge Fund Investors: 71

Chevron Corp (NYSE:CVX) is another major oil stock that stands to gain should the Republicans come to power after the 2024 elections. Goldman Sachs last month named Chevron Corp (NYSE:CVX) among its list of energy stocks that could gain value if Republicans win the US election 2024.

Goldman Sachs said the energy sector benefits from traditional commodity production policies adopted by the Republicans. During the Trump administration the US approved Keystone XL and Dakota Access pipelines, which gave a boost to oil and gas production, helping companies like Chevron Corp (NYSE:CVX).

The London Company Large Cap Strategy stated the following regarding Chevron Corporation (NYSE:CVX) in its fourth quarter 2023 investor letter:

“Chevron Corporation (NYSE:CVX) – CVX underperformed during 4Q as oil prices fell, 3Q results missed expectations, and CVX negatively adjusted 2024-2025 cash flow guidance for its key asset in Kazakhstan. It is also notable that CVX announced a deal to acquire Hess Corp in a stock-for-stock transaction. While we generally do not maintain a high degree of exposure to pure commodity businesses, we continue to view CVX favorably for its conservative balance sheet, focus on returns, and commitment to the dividend.”