5 Best Oil Stocks To Buy According To Hedge Funds

3. Chevron Corporation (NYSE:CVX)

Number of Hedge Fund Holders: 50

Chevron Corporation (NYSE:CVX) is a California-based integrated energy company. It is ranked third on our list of 10 best oil stocks to buy according to hedge funds.

On September 15, investment advisory Citi maintained a Neutral rating on Chevron Corporation (NYSE:CVX) stock with a price target of $105, noting that an energy transition strategy update from the firm was “very much expected”. 

At the end of the second quarter of 2021, 50 hedge funds in the database of Insider Monkey held stakes worth $4.2 billion in Chevron Corporation (NYSE:CVX), up from 41 in the preceding quarter worth $4.8 billion. 

In its Q1 2021 investor letter, ClearBridge Investments highlighted a few stocks and Chevron Corporation (NYSE:CVX) was one of them. Here is what the fund said:

“While reducing in health care and consumer staples, we increased our exposure to high-quality names in economically sensitive areas of the market. We added to low-cost, high-quality energy names, (including) Chevron. We are positive on the company’s strong balance sheets, competitive positions and exposure to an economic recovery.”