We investigate even-denominator fractional quantum Hall (EDFQH) states in monolayer graphene, focusing on the experimentally observed filling fractions ν = 1/2 and ν = 1/4. Owing to the approximate SU(4) symmetry arising from spin and valley degrees of freedom, graphene hosts a rich variety of multi-component fractional quantum Hall states with different polarization configurations. Using the Chern-Simons composite fermion framework for SU(4) systems, we construct candidate variational wave functions corresponding to distinct spin, valley, and mixed polarization states. The ground-state energies of these states are evaluated numerically using the Coulomb interaction in spherical geometry. By comparing energies across different polarization sectors, we identify the energetically favored configurations at ν = 1/2 and ν = 1/4. Our variational energy comparison suggests that the energetically favored candidate states correspond to multi-component correlated quantum Hall liquids. Within the restricted family of trial states considered here, these states differ from a simple composite-fermion Fermi-sea description. These findings provide insight into the role of valley polarization and SU(4) symmetry in stabilizing even-denominator fractional quantum Hall states in graphene.