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Buy Chevron Stock. It's Been Punished Enough for Earnings, Hess Deal.

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The oil titan has disappointed investors, but shares look attractive after the recent selloff.

In less than a year, Chevron has gone from being Wall Street’s favorite Big Energy company to a show-me story. Investors who buy the stock now should end up liking what they see.

Chevron stock has fallen 17% in 2023, making it the worst performer by far among the half-dozen global super majors this year. Exxon Mobil , by comparison, is down just 2% this year, and the Energy Select Sector SPDR exchange-traded fund is about flat. Most of the drop has come during the past few weeks after a disappointing earnings report that included news of a surprise delay in the development of a key oil field in Kazakhstan, while Chevron’s $60 billion deal to buy Hess , an independent energy producer, not only failed to excite investors but was seen as a sign of weakness by some.

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