12 Best Energy Stocks to Buy According to Billionaire Ken Fisher

4. ConocoPhillips (NYSE:COP)

Fisher Asset Management’s Stake: $1.36 billion

Number of Hedge Fund Holders: 86

ConocoPhillips (NYSE:COP) is a global energy company headquartered in Texas that discovers, produces, transports, and trades crude oil, bitumen, natural gas, liquefied natural gas, and natural gas liquids.

ConocoPhillips (NYSE:COP) performed well in 2024 after completing the $22.5 billion acquisition of Marathon in late November, which added high-quality, low-cost supply inventories to the portfolio. During the year, the company returned $9.1 billion in capital to its shareholders, representing 45% of operational cash flow. In addition, ConocoPhillips has managed to raise its dividend for ten consecutive years and has declared its regular dividend of $0.78 per share for the first quarter of 2025, with intentions to return $10 billion to shareholders this year.

On March 12, JPMorgan reaffirmed its Overweight rating and $127 price target on ConocoPhillips (NYSE:COP). The firm’s analysts emphasized the company’s recent fourth-quarter performance, which exceeded expectations, as well as its long-term outlook for 2025, which includes a $10 billion capital return plan. JPMorgan analysts said that ConocoPhillips (NYSE:COP) has historically outperformed its E&P peers due to the portfolio’s defensive structure, which includes a solid balance sheet, modest sustaining capital expenditures, and a low-cost resource base. In that regard, the firm believes the company’s recent underperformance compared to its Large Cap E&P and US Major peers is due to market concerns about potential risks to the company’s 2025 return of capital target, as well as a narrow view of the company’s long-cycle investment program.