12 Best Hydrogen and Fuel Cell Stocks to Buy for 2025

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2. Chevron Corporation (NYSE:CVX)

Number of Hedge Fund Holders: 63

Chevron Corporation (NYSE:CVX) is a prominent player in hydrogen production, generating approximately 1 million tonnes annually, primarily for refining operations. The company aims to expand its hydrogen business by utilizing its existing refineries, distribution networks, sales channels, and established brand to supply hydrogen to a broader customer base.

Earlier in May, Chevron Corporation (NYSE:CVX) announced plans to construct and operate a solar-powered hydrogen production facility in California. This 5 MW project will use solar energy to split non-potable water into hydrogen fuel. Scheduled to begin production in 2025, the facility represents Chevron’s first direct investment in a hydrogen initiative, with an expected output of 2.2 tons of hydrogen daily.

Chevron Corporation (NYSE:CVX) reported robust Q3 2024 financial results, with revenues reaching $50.67 billion, exceeding analysts’ expectations by $1.63 billion. Operating cash flow surged to $9.7 billion, compared to $6.3 billion in the prior quarter. The company also returned $7.7 billion to shareholders through dividends and share buybacks.

On December 9, Bank of America named Chevron Corporation (NYSE:CVX) a top pick for 2025, maintaining a Buy rating and raising its price target from $168 to $180. BofA highlighted that projects in the Gulf of Mexico, Tengizchevroil, and Chevron Phillips Chemical (CP Chem) are expected to contribute $5.5 billion in FCF over the next 2-3 years. These contributions, however, remain “underappreciated by investors,” particularly as Chevron Corporation (NYSE:CVX) navigates arbitration proceedings with Hess, with a decision anticipated in Q2 2025.

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