18 Best 52-Week Low Stocks to Buy Now According to Short Sellers

2. BP p.l.c. (NYSE:BP)

52 Week Range: $32.51.38 – $40.84

Current Share Price: $34.38

Number of Hedge Fund Holders: 38

Short interest rate: 0.23%

BP p.l.c. (NYSE:BP) is an oil and integrated company and one of the best 52-week low stocks to buy now according to short sellers for exposure in the energy sector.  It produces natural and integrated gas and power, trades gas, and operates onshore and offshore wind power.

The stock is trading close to its 52-week lows, an underperformance that comes as a surprise to solid underlying fundamentals. The company benefits from high oil prices that have found support above $75 a barrel.

BP p.l.c. (NYSE:BP) shares are trading near two-year lows, hurt by the company’s shift from the oil and gas business. Even as the company tries to move away from the fossil fuel business, a good chunk of its profits comes from the lucrative business. Nevertheless, the company is still investing in the fossil fuel business as it looks to safeguard earnings.

It remains one of the best stocks to buy at 52-week lows on maintaining the pace of its share buybacks as it continues to return value to shareholders. BP p.l.c. (NYSE:BP) has already announced a new $1.75 billion buyback program, much bigger than the $1.5 billion it executed late last year. The company plans to return nearly $14 billion by the end of 2025.

B.P.’s new chief executive, Murray Auchincloss, said: “Looking back, 2023 was a year of strong operational performance with real momentum in delivery right across the business. And as we look ahead, our destination remains unchanged, focused on growing the value of B.P.”

Late last year, BP p.l.c. (NYSE:BP) hiked its dividend by 10% to 7.27 cents as it continues to return optimum value to shareholders; its dividend yield currently stands at 5.63%.

On the other hand, the short interest rate on the stock as of the end of July stood at 0.23% of the outstanding shares of the stock.

According to Insider Monkey’s database, there are 38 hedge funds that are bullish on BP p.l.c. (NYSE:BP) as of the end of June, down from 40 in the preceding quarter. With over 21.81 million shares, Fisher Asset Management was the company’s leading stakeholder in the second quarter.