At the moment, the concept of nuclear fusion stocks – or at least the pure-play version – doesn’t quite exist. But that doesn’t mean you can’t position your portfolio to take advantage of the underlying innovation. Several companies are already investing heavily in the research and development ecosystem. By acquiring their shares, you can potentially set yourself up for long-term gains.

According to the International Atomic Energy Agency (IAEA), nuclear fusion “is the process by which two light atomic nuclei combine to form a single heavier one while releasing massive amounts of energy.” One of the key catalysts for fusion-related research is that if the innovation can be replicated at an industrial scale, it could provide practically limitless clean, safe and affordable energy.

It’s truly the stuff of science fiction. And the best scientists and engineers are working nonstop to remove the “fiction” part. Again, by investing in relevant enterprises early, you can potentially reap significant rewards down the line. Below are three nuclear fusion stocks to consider.

Chevron (CVX)

Integrated oil and gas giant Chevron (NYSE:CVX) is of course known for its hydrocarbon-focused businesses. However, the company also invests in myriad other energy sources, including nuclear fusion. In August 2020, the company announced that it put money into Zap Energy, a Seattle-based startup developing next-generation modular nuclear reactors.

Primarily, though, investors bid up CVX stock for its mainline fossil-fuel business and that’s a positive overall. Admittedly, the concept of nuclear fusion stocks – while incredibly exciting – is still very much speculative. In the meantime, investors will want to have some reassurance. Chevron provides this with a generally predictable enterprise.

Further, analysts anticipate continued growth, with sales projected to hit $200.48 billion by year’s end. If so, that would imply a growth rate of 6.8% from 2023’s haul of $187.73 billion. Further, the high-side target could hit $212.63 billion.

Let’s also not forget that Chevron offers a forward dividend yield of 4.04%. Combined with geopolitical winds that could favor Chevron’s upstream business unit, CVX makes an intriguing case for nuclear fusion stocks to buy.

Cenovus Energy (CVE)

Another integrated oil and gas giant, Cenovus Energy (NYSE:CVE) is based in Canada. Together with its subsidiaries, Cenovus develops, produces, refines, transports and markets crude oil, natural gas and refined petroleum products. It serves its home nation along with international markets. Although fossil fuels keep the lights on, CVE has ventured into other energy sectors.

According to Benzinga, in 2021, the company invested $4 million in General Fusion, a nuclear fusion tech startup. With an increasing number of large-capitalization enterprises moving into the arena, it appears to be money well spent. While that initiative is marinating, investors can enjoy the mainline hydrocarbon business. In the past four quarters, Cenovus posted an average earnings per share of 45 cents, printing an earnings surprise of 8.53%.

For fiscal 2024, analysts are looking for the oil giant to ring up $41.38 billion in revenue. If this projection holds true, it would imply a growth rate of 8.4%. Further, the high-side estimate calls for a sales tally of just under $43 billion. CVE is easily one of the nuclear fusion stocks to consider.

Eni (E)

Headquartered in Rome, Italy, Eni (NYSE:E) is yet another integrated oil and gas entity. Mainly, the company is known for its upstream business unit, which explores and develops crude oil and natural gas properties. At the same time, it’s also involved in the manufacturing and marketing of petroleum products. While the company obviously generates the vast majority of its business through fossil fuels, it’s also looking to diversify.

Last year, Reuters reported that Eni and U.S.-based Commonwealth Fusion System (CFS) signed a collaborative agreement. The purpose? To accelerate the industrialization of nuclear fusion energy. One of the partnership’s aim is to develop fusion facilities that can provide electricity into the power grid by the early 2030s. That’s ambitious but it also makes Eni one of the must-watch nuclear fusion stocks.

Another intriguing element to the narrative is the valuation. Right now, E stock trades hands at 0.52X trailing-year sales. That’s very modest. The hydrocarbon integrated sector runs an average multiple of 1.15X. Combined with a temptingly generous forward yield of 6.8%, Eni needs to be on your speculative radar.

On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.