5 Best Commodity Stocks To Buy According to Hedge Funds

2. Chevron Corporation (NYSE:CVX)

Number of Hedge Fund Holders: 57

Chevron Corporation (NYSE:CVX) is an integrated oil and gas company. It is based in San Ramon, California.

Wells Fargo analyst Roger Read holds an Overweight rating on Chevron Corporation (NYSE:CVX) shares as of March 2.

With six Buy ratings and eight Hold ratings placed on Chevron Corporation (NYSE:CVX) shares, analysts on Wall Street see the stock as a Moderate Buy. In the fourth quarter, the company generated revenues of $56.47 billion, up 17.34% year-over-year.

Our hedge fund data for the fourth quarter shows 57 funds long Chevron Corporation (NYSE:CVX). Their total stake value was $32.2 billion.

Carillon Tower Advisers, an investment management company, mentioned Chevron Corporation (NYSE:CVX) in its fourth-quarter 2022 investor letter. Here’s what the firm said:

“Energy performed well during the fourth quarter, with the sector up about 23%. Investors returned to the sector after the Organization of the Petroleum Exporting Countries (OPEC) signaled it would reduce production. Chevron Corporation (NYSE:CVX) reported strong quarterly results while buying back stock, paying a healthy dividend, and maintaining a strong balance sheet.”