12 Best Gas Stocks To Buy According to Hedge Funds

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5. Chevron Corporation (NYSE:CVX)

Number of Hedge Fund Holders: 63

Chevron Corporation (NYSE:CVX) is a leading American multinational energy company with a strong focus on oil and gas. The company produces crude oil and natural gas and also manufactures fuels, lubricants, and petrochemicals. CVX ranks among the best gas stocks to buy according to hedge funds.

In the third quarter of 2024, Chevron Corporation (NYSE:CVX) achieved a 7% increase in worldwide net oil-equivalent production compared to the previous year, driven by record output from the US and the Permian Basin. The company has also successfully launched key projects in the Anchor, Jack/St. Malo, and Tahiti fields in the Gulf of Mexico. These initiatives are expected to boost Gulf production to 300,000 barrels of net oil equivalent per day by 2026. The corporation’s innovative approach includes the use of high-pressure deepwater technology at the Anchor project and water injection operations at its Jack/St. Malo and Tahiti facilities. These efforts will allow Chevron Corporation (NYSE:CVX) to enhance oil and natural gas recovery while maintaining some of the lowest carbon intensity levels in its operations.

Additionally, the corporation is optimizing its asset portfolio. In November 2024, Chevron Corporation (NYSE:CVX) announced a $6.5 billion sale of its interest in the Athabasca Oil Sands Project and Duvernay shale assets in Canada. This move is part of a broader strategy to divest $10 to 15 billion in assets by 2028, further streamlining its operations. Financially, Chevron Corporation (NYSE:CVX) returned a record $7.7 billion to shareholders in Q3 2024 through share repurchases and dividends. This commitment to returning capital makes Chevron Corporation (NYSE:CVX) an attractive investment option.

With strong production growth, strategic project developments, and a focus on shareholder returns, Chevron Corporation (NYSE:CVX) stands out as a solid stock for investors looking for stability and growth in the energy sector.

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