Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Growth & Income Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. Although the S&P 500 Index had a 5.9% increase in third-quarter trading, the benchmark index ended the first nine months of 2024 with a remarkable 22.1% gain. The exceptional performance was fueled by a strong surge in technology stocks, artificial intelligence trends, and the start of a U.S. Federal Reserve (Fed) rate reduction cycle. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Carillon Eagle Growth & Income Fund highlighted stocks like Chevron Corporation (NYSE:CVX) in the third quarter 2024 investor letter. Chevron Corporation (NYSE:CVX) engages in integrated energy and chemicals operations that operates through Upstream and Downstream segments. The one-month return of Chevron Corporation (NYSE:CVX) was 7.33%, and its shares gained 12.00% of their value over the last 52 weeks. On November 14, 2024, Chevron Corporation (NYSE:CVX) stock closed at $161.80 per share with a market capitalization of $288.476 billion.
Carillon Eagle Growth & Income Fund stated the following regarding Chevron Corporation (NYSE:CVX) in its Q3 2024 investor letter:
“Chevron Corporation’s (NYSE:CVX) lagging performance was tied to a combination of weaker than expected second-quarter earnings and the delay of a much-anticipated merger with a global independent energy company. Performance during the quarter was largely related to the timing of outages and maintenance at several locations, which are shorter-term issues. While the pending merger looks attractive, prior expectations had the deal closing in 2024. It is now more likely to close in mid-2025.”
A tanker truck making its way through a refinery facility.
Chevron Corporation (NYSE:CVX) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 64 hedge fund portfolios held Chevron Corporation (NYSE:CVX) at the end of the second quarter which was 62 in the previous quarter. Chevron Corporation (NYSE:CVX) generated earnings of $4.5 billion in the third-quarter or $2.48 per share. While we acknowledge the potential of Chevron Corporation (NYSE:CVX) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Chevron Corporation (NYSE:CVX) and shared the list of best undervalued stocks to buy. In addition, please check out our hedge fund investor letters Q3 2024 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.