#6 - Chevron (NYSE:CVX)
Is it too late to invest in the energy sector? We’ve repeatedly said not even close. And Chevron Corporation (NYSE: CVX) remains a compelling choice for investors looking for inflation-resistant stocks in 2023.
To begin with, there’s reason to believe that crude oil prices will be going up in 2023. In addition to seasonal demand, crude may boost if China’s economy reopens.
But there’s a larger story behind energy stocks that goes beyond the price of crude oil. These companies are at the forefront of the renewable energy movement. One way that Chevron contributes to this is its production of liquefied natural gas (LNG) used in the United States and transported to Europe.
Analysts expect modest single-digit growth in earnings of approximately 4% in the next five years. But investors in CVX stock also get access to a dividend aristocrat that has increased its dividend in 35 consecutive years and currently has a dividend yield of 3.30%. That’s a great reason to believe that owning Chevron stock will be an excellent inflation hedge in 2023.
About Chevron
Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.
Read More - Current Price
- $162.36
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 13 Buy Ratings, 4 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $174.93 (7.7% Upside)
