10 Best Clean Energy Stocks According to Reddit

4. Chevron (NYSE:CVX)  

Number of Hedge Fund Holders: 66 

Market Capitalization as of September 4: $260.54 Billion

Chevron (NYSE:CVX) is an integrated energy company involved in global oil and gas exploration, production, and refining. Chevron (NYSE:CVX) also offers energy services and invests in R&D for clean energy innovations.

Chevron (NYSE:CVX) is actively pursuing various clean energy sources, including wind, solar, and biofuels. The company’s Casper Wind Farm in Wyoming has a 16.5 MW capacity and powers 13,000 homes annually. Additionally, Chevron (NYSE:CVX) has a 49 MW geothermal facility in California that powers 40,000 homes each year. Chevron (NYSE:CVX) has been distributing renewable diesel made from non-petroleum sources such as vegetable oils and animal fats, with California terminals supplying diesel containing 6-20% renewable diesel.

In May, Chevron (NYSE:CVX) achieved a significant milestone by successfully operating a gas turbine on a 60% hydrogen fuel blend, for multiple days. This marks the first time a lower-emissions power turbine ran continuously with such a high proportion of hydrogen. The turbine, located at Chevron’s (NYSE:CVX) Pipeline & Power Business Unit facility in California, generates power and steam to be used in oil fields in surrounding areas.

Chevron’s (NYSE:CVX) achievement is notable for its potential to reduce carbon emissions in industrial applications such as manufacturing and data centers. By blending hydrogen with natural gas, Chevron (NYSE:CVX) is making strides toward lowering the carbon intensity of its operations. The success of this pilot project could encourage broader adoption of hydrogen technologies.

Industry analysts have a consensus on the stock’s Buy rating, setting an average share price target at $159.49, which represents a 12.35% upside potential from its current level. As of the second quarter, the stock is held by 66 hedge funds and the stakes amount to $122.40 billion. Berkshire Hathaway is the largest shareholder in the company with stocks worth $18.55 billion as of June 30.