5 Best Hydrogen and Fuel Cell Stocks To Buy

3. Chevron Corporation (NYSE:CVX)

Number of Hedge Fund Holders: 64

Chevron Corporation (NYSE:CVX) is one of the founding members of the alliance which plans to create a prominent hydrogen hub on the U.S. Gulf Coast. This initiative is known as the HyVelocity Hub, and it aims to engineer diverse infrastructure for hydrogen production and transportation. Justin Kostohryz, Chevron commercial advisor for hydrogen, commented in January 2023: 

“With Texas being a leading producer of natural gas, with extensive infrastructure, geology for carbon sequestration and access to international export facilities, we very much believe the U.S. Gulf Coast is positioned well for a hydrogen hub.”

On June 1, RBC Capital upgraded Chevron Corporation (NYSE:CVX) to Outperform, raising the price target from $165 to $180. The analyst noted Chevron’s successful utilization of its premium valuation to acquire companies, citing the recent acquisition of PDC Energy as an example. RBC believes Chevron’s strategic approach and financial stability will reap long-term defensive benefits.

According to Insider Monkey’s first quarter database, 64 hedge funds were bullish on Chevron Corporation (NYSE:CVX), compared to 57 funds in the prior quarter. Warren Buffett’s Berkshire Hathaway is the largest stakeholder of the company. 

Carillon Tower Advisers made the following comment about Chevron Corporation (NYSE:CVX) in its Q4 2022 investor letter:

“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.”