12 Best Gas Stocks To Buy According to Hedge Funds

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4. ConocoPhillips (NYSE:COP)

Number of Hedge Fund Holders: 66

ConocoPhillips (NYSE:COP) is one of the world’s largest oil and gas exploration and production companies based on production and proved reserves. The company is involved in various activities, including the exploration, development, production, transportation, and marketing of crude oil, natural gas, and liquefied natural gas. ConocoPhillips (NYSE:COP) is one of the best energy stocks to invest in.

In the third quarter of 2024, the company achieved a total production of 1,917 thousand barrels of oil equivalent per day (MBOED), reflecting a solid increase from previous periods. For the first nine months of 2024, production averaged 1,921 MBOED, which is an increase of 120 MBOED compared to the same timeframe last year. ConocoPhillips (NYSE:COP) also completed successful turnarounds in Canada and the contiguous United States.

The company has made strategic moves to enhance its portfolio. In November 2024, ConocoPhillips (NYSE:COP) completed its acquisition of Marathon Oil Corporation. This acquisition adds valuable low-cost inventory to its existing operations and is expected to generate over $1 billion in synergies on a run-rate basis within the next year. ConocoPhillips (NYSE:COP) has also exercised its preferential rights to acquire additional working interests in the Kuparuk River and Prudhoe Bay units in Alaska for around $300 million.

Such strategic investments and acquisitions highlight ConocoPhillips’ (NYSE:COP) commitment to strengthening its position in the oil and gas sector, making it an appealing option for investors looking for growth opportunities.

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