12 Hot Oil Stocks to Buy According to Hedge Funds

6. Antero Resources Corporation (NYSE:AR)

Gain Over Past 12 Months: 82.99%

Number of Hedge Fund Holders: 39

Antero Resources Corporation (NYSE:AR) is an independent oil and gas company that acquires, explores, develops, and produces natural gas, NGLs, and oil in the Appalachian Basin.

Antero Resources Corporation (NYSE:AR) has recently witnessed significant developments in its financial strategy. The company reported a 22% reduction in drilling time and an 8% decrease in total well costs for Q3 of 2024. It also reduced its drilling and completion capital budget to $650 million for 2024, a 28% decrease from 2023, while holding production flat. AR’s ability to maintain production while reducing capital spend is a significant achievement in the capital-intensive fossil fuel industry.

Antero Resources Corporation’s (NYSE:AR) export business also seems to be going well, thanks to its unconstrained access to international markets via the Marcus Hook liquids terminal, as well as its strategic decision last year to increase its exposure to spot international prices. The company reported average export volumes of over 1.7 million barrels a day for the first nine months of 2024, setting up for another record export year. Since 2021, exports have increased by 46%, driven by resilient international demand, particularly from Asia.

Antero Resources Corporation (NYSE:AR) is also benefiting greatly from the rising spot demand for America’s LNG, with the country being a competitive low-cost provider. Almost 75% of the company’s gas volumes are sold to markets on the Gulf Coast, providing it with direct exposure to the rising LNG export trend.

Shares of Antero Resources Corporation (NYSE:AR) were held by 39 hedge funds in the IM database at the end of Q3 2024, with Sourcerock Group holding the largest stake of over 6.12 million shares, valued at $175.47 million.