7 Most Undervalued Renewable Energy Stocks To Buy Now

2. Chevron (NYSE:CVX)  

Number of Hedge Fund Investors: 64  

Forward P/E Ratio as of October 6: 13.83  

Chevron (NYSE:CVX) is a leading global player in oil and gas exploration, production, and refining, with a diversified portfolio that also includes investments in renewable energy technologies and services. The company is actively developing its renewable energy capabilities, with notable projects including a 16.5 MW wind farm in Wyoming that powers 13,000 homes annually and a 49 MW geothermal facility in California that supplies energy to 40,000 homes each year. Additionally, Chevron (NYSE:CVX) offers renewable diesel blends containing 6-20% renewable content at its California terminals, sourced from materials such as vegetable oils and animal fats.

In a significant breakthrough, Chevron (NYSE:CVX) successfully ran a gas turbine on a 60% hydrogen fuel blend for several days in May. The turbine, located near the company’s Pipeline & Power Business Unit facility in California, provides power and steam for nearby oil fields. This achievement has important implications for reducing carbon emissions in industrial processes, such as manufacturing and data centers, and could accelerate the adoption of hydrogen technologies.

Chevron’s (NYSE:CVX) stock is trading 13.83 times this year’s earnings estimate, With a consensus Buy rating from industry analysts, the stock has a target price of $169.39, which represents an 11.65% upside potential from its current level. As of the second quarter, the company’s stock is held by 66 hedge funds with a total value of $122.40 billion.