7 Defensive Stocks with Strong Growth Opportunities in 2024 - 1 of 7


#1 - Chevron (NYSE:CVX)

Chevron Corporation (NYSE: CVX) is one of the most undervalued stocks heading into 2024. That's not without reason. Crude oil prices didn't get the expected bump. In fact, heading into December 2023, crude oil was trading below $70 a barrel.  

But crude oil prices are rising, which will be bullish for a company like Chevron. There are many oil stocks you can choose from. However, few have the balance sheet that Chevron brings to bear. The company can invest $22 billion per year annually from its internal cash flow, even with depressed oil prices.  

The company also continues to invest in the business, and if its acquisition of Hess Corporation (NYSE: HES) is finalized in 2024, the company will increase its capital investments. All of this can be done without any concerns about its dividend which the company has increased for 36 consecutive years and has a yield of over 4%.  

Chevron expects earnings to grow by 17% in 2024, and analysts are forecasting share price growth of over 23%. When you combine that with the dividend, investors get an impressive total return.  

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
Consensus Rating
Moderate Buy
Ratings Breakdown
14 Buy Ratings, 5 Hold Ratings, 0 Sell Ratings.
Consensus Price Target
$186.10 (14.4% Upside)


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