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7 Reddit Stocks to Buy in 2023 - 5 of 7

 
 

#5 - Chevron (NYSE:CVX)

Chevron Co. (NYSE: CVX) has been one of the big winners among energy in 2022. CVX stock is up a whopping 59% for the year. When you factor in a dividend that currently yields just over 3%, shareholders have had a great run.

Some, however, believe that party and the windfall profits it brought may come to an end for traditional oil and gas companies. Supply and demand will always play a big role in the share prices of oil companies. There is some evidence that demand will wane if the U.S. economy continues to weaken.

Another story continues to emerge for many of the leading names in the “big oil” sector, Chevron included. Many of these companies are already entrenched in the renewable energy space. One area that benefits CVX shareholders in particular has to do with the company’s leadership in the liquefied natural gas space.

As oil costs rise, the United States and the world, particularly Europe, needs natural gas. 

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
$142.85
Consensus Rating
Moderate Buy
Ratings Breakdown
14 Buy Ratings, 4 Hold Ratings, 0 Sell Ratings.
Consensus Price Target
$175.19 (22.6% Upside)

 

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