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Chevron Corporation (CVX) Surged on Increased Oil Prices

Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Mid Cap Growth Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. After a robust first half of the year, the S&P 500 Index declined 3.3% in the third quarter, leaving the market up 13.1% through the first nine months of 2023. On a relative basis, this year has not been good for the fund’s investment strategy. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Carillon Eagle Mid Cap Growth Fund highlighted stocks like Chevron Corporation (NYSE:CVX) in the third quarter 2023 investor letter. Headquartered in San Ramon, California, Chevron Corporation (NYSE:CVX) provides administrative, financial management, and technology support for energy and chemical operations. On December 4, 2023, Chevron Corporation (NYSE:CVX) stock closed at $144.87 per share. One-month return of Chevron Corporation (NYSE:CVX) was -1.45%, and its shares lost 17.95% of their value over the last 52 weeks. Chevron Corporation (NYSE:CVX) has a market capitalization of $273.478 billion.

Carillon Eagle Mid Cap Growth Fund made the following comment about Chevron Corporation (NYSE:CVX) in its Q3 2023 investor letter:

"Chevron Corporation (NYSE:CVX) traded higher along with oil prices that increased throughout the third quarter. Oil prices rose about 30% following ongoing production cuts by major global producers (Saudi Arabia and Russia) and slowing output growth from U.S. shale energy producers."

25 Largest Energy Companies by Revenue
25 Largest Energy Companies by Revenue

A vast oil and gas rig silhouetted in the sunset, capturing the power of Swift Energy Company.

Chevron Corporation (NYSE:CVX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 72 hedge fund portfolios held Chevron Corporation (NYSE:CVX) at the end of third quarter which was 73 in the previous quarter.

We discussed Chevron Corporation (NYSE:CVX) in another article and shared Bill Gates’ Stock Picks with Huge Upside Potential. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.