5 Oil Stocks to Watch on Thursday

3. Chevron Corporation (NYSE:CVX)

Chevron Corporation (NYSE:CVX) is a San Ramon, California-based energy company with extensive operations across the world. Chevron Corporation (NYSE:CVX) is down 0.52% as of 2:00 PM ET. The company received a go-ahead to continue its operations in Venezuela from the US Treasury Department, which is one of the OPEC members. The Treasury Department maintained its original mandate and did not agree to the additional conditions of Chevron Corporation (NYSE:CVX). Chevron Corporation (NYSE:CVX) was asking for an additional mandate to gain permission to trade Venezuelan crude oil to recover billions of dollars in debt stuck in the North American state.

In its Q1 2022 investor letter, ClearBridge Investments shared its stance on Chevron Corporation (NYSE:CVX). Here’s what the firm said:

“The energy sector, which led a strong market in 2021, generated even more dramatic relative performance in the quarter, advancing 39% and leading the benchmark Russell 1000 Value Index. Years of restrained investment in the energy sector, combined with a strong post-pandemic recovery, contributed to the higher commodity prices. The upward pressure escalated with the Russian invasion of Ukraine. Our energy holding Chevron (NYSE:CVX) benefited from higher commodity prices and was among the top contributors to first-quarter performance.”

Chevron Corporation (NYSE:CVX) was held by 53 hedge funds at the end of Q1 2022.