5 Best Hydrogen and Fuel Cell Stocks To Buy For 2024

2. Chevron Corporation (NYSE:CVX)

Number of Hedge Fund Holders: 72

Chevron Corporation (NYSE:CVX) is actively involved in hydrogen production, generating around 1 million tonnes annually through its traditional business, mainly for refining operations. The company aims to expand its hydrogen business by leveraging existing refineries, distribution capabilities, sales channels, and brands to supply and sell hydrogen to customers. Additionally, Chevron Corporation (NYSE:CVX) is constructing hydrogen fueling stations at select locations to support the growing demand for hydrogen. It is one of the top hydrogen stocks to watch. 

On December 6, Chevron Corporation (NYSE:CVX) announced that it expects a year-over-year increase of approximately 14% in total capital spending for the fiscal year 2024. While Chevron initially aimed to maintain its capital expenditure budget within the $14 billion to $16 billion range until 2027, the company now foresees an annual capital spending range of $19 billion to $22 billion following the completion of its proposed acquisition of Hess next year.

According to Insider Monkey’s third quarter database, 72 hedge funds held stakes in Chevron Corporation (NYSE:CVX), compared to 73 funds in the last quarter. Warren Buffett’s Berkshire Hathaway is the largest stakeholder of the company, with 110.2 million shares worth $18.6 billion. 

Carillon Eagle Mid Cap Growth Fund made the following comment about Chevron Corporation (NYSE:CVX) in its Q3 2023 investor letter:

“Chevron Corporation (NYSE:CVX) traded higher along with oil prices that increased throughout the third quarter. Oil prices rose about 30% following ongoing production cuts by major global producers (Saudi Arabia and Russia) and slowing output growth from U.S. shale energy producers.”