18 Best 52-Week Low Stocks to Buy Now According to Short Sellers

12. Chevron Corp (NYSE:CVX)

52 Week Range: $139.62 – $171.70

Current Share Price: $146.95

Number of Hedge Fund Holders: 64

Short interest rate: 2.76%

Chevron Corporation (NYSE:CVX) is an investment play for investors looking to diversify their portfolio into the energy sector amid the high energy prices. Operating as an Oil & Gas Integrated company, it develops, develops, and distributes crude oil and natural gas.

Chevron Corporation (NYSE:CVX) had an impressive second quarter, delivering strong production and an enhanced global exploration portfolio. It also extended its record of consistent shareholder returns with over $50 billion of distributions in the last two years.

Its global production rose 11% compared to the year-ago period, driven by the successful integration of PDC Energy, Inc. (PDC) and strong execution in the Permian and Denver-Julesburg (D.J.) Basins. The company delivered solid Q2 2024 results with $4.4 billion or $2.43 a share earnings.

With oil prices above the $75-a-barrel level, Chevron Corporation (NYSE:CVX) is well positioned to maintain a robust financial position that should pave for long-term gains. Despite potential declines in oil prices, Chevron stands out as one of the most cost-effective producers, earning a significant portion of its income from its midstream (transmission pipelines) and downstream activities (chemical and refining operations) rather than from its drilling operations.

While the stock trades at a price-to-earnings multiple of 12, it rewards investors with an annual dividend yield of 4.42%. The percentage of shares outstanding short as of the end of July stood at 2.76%.

Chevron Corporation (NYSE:CVX) was a part of 64 hedge fund portfolios in the second quarter of 2024, up from 62 in the previous quarter. Warren Buffett’s Berkshire Hathaway is the company’s biggest shareholder, with stakes worth $18.55 billion.