In this article, we take a look at the 5 best ASX stocks to invest in. If you want to see more stocks listed on the ASX, go directly to the 10 Best ASX Stocks To Invest In.
5. Tritium DCFC Limited (ASX:DCFC)
Number of Hedge Fund Holders: 9
Tritium DCFC Limited is a technology-focused firm that specializes in the design, sale, manufacturing, and servicing of proprietary hardware and its related software, aimed at developing cutting-edge direct current (DC) fast chargers for electric vehicles (EVs). Their technology is carefully crafted for easy installation, ownership, and operation. Earlier this July, Equities research analysts at B. Riley recently reaffirmed their “buy” rating in an extensive research report tailored for discerning clients and prudent investors. This strong endorsement underscores Tritium DCFC Limited (ASX:DCFC)’s potential as a prominent player in the swiftly expanding EV charging infrastructure market.
4. Woodside Energy Group Ltd. (ASX:WDS)
Number of Hedge Fund Holders: 10
Woodside Energy Group Ltd. (ASX:WDS) is an Australian-based company focused on petroleum exploration and production. It holds the role of being the primary operator for oil and gas production within Australia, making it the largest independent oil and gas company in the country. Effective June 1, 2022, Woodside entered into a merger with BHP Petroleum, forming a worldwide independent energy corporation. This merger significantly enhanced the company’s scale, diversity, and resilience, ultimately benefitting shareholders and bolstering its capacity to adapt during the energy transition. On September 13, Woodside Energy Group Ltd. (ASX:WDS) initiated production at the deep-water Shenzi North project situated in the US Gulf of Mexico. This project involves a subsea tieback with two wells, leveraging the existing Shenzi infrastructure to amplify the asset’s production capacity.
The decision to proceed with the Shenzi North project, marked by the final investment decision (FID), was made in July 2021. Notably, the project commenced production ahead of the initially targeted first oil projection for 2024. Woodside CEO Meg O’Neill emphasized the significance of the start-up at Shenzi North, underlining the value of the assets in the US Gulf of Mexico obtained through Woodside’s merger with BHP’s petroleum business.
3. News Corporation Class B (ASX:NWS)
Number of Hedge Fund Holders: 14
News Corporation (ASX:NWS) is a multinational company with diversified interests in media and information services, dedicated to producing and disseminating content to both consumers and businesses. The company operates across various media sectors, encompassing news and information services, book publishing, digital real estate services, cable network programming in Australia, digital education, and pay-TV distribution in Australia. These services are offered through renowned brands such as The Wall Street Journal, Dow Jones, and more. News Corporation (ASX:NWS) shares are up 19.80% on a year-to-date basis.
2. BHP Group Limited (ASX:BHP)
Number of Hedge Fund Holders: 23
BHP Group Limited (ASX:BHP) is a multinational public company focused on mining and metals, based in Melbourne, Victoria, Australia. The origins of the company trace back to July 16, 1885, when The Broken Hill Proprietary Company was established in the mining town of Silverton, New South Wales. On September 26, BHP Group Limited (ASX:BHP) stated that it is focused on positioning Peru as the central player in its South American exploration strategy and is prepared to intensify its investments in the world’s second-largest copper-producing nation. Having commenced drilling at the Jatum Orcco copper project in early July, the organization is now nearing the initiation of protective and baseline operations for two additional projects in the Apurímac region.
1. Rio Tinto Group (ASX:RIO)
Number of Hedge Fund Holders: 29
Rio Tinto Group (ASX:RIO) is a global player in the exploration, extraction, and processing of mineral resources. The company’s extensive portfolio covers a wide range of minerals including lithium, aluminum, copper, iron ore, diamonds, gold, borates, titanium dioxide, salt, silver, and molybdenum. On June 28, Rio Tinto Group (ASX:RIO) announced intentions to establish a battery research laboratory in Australia, focusing on various technologies associated with battery production, manufacturing, and chemistry. Despite iron ore being a primary revenue stream for Rio Tinto Group (ASX:RIO), the company is proactively expanding its production of critical commodities for the advancement of clean energy initiatives.
You can also take a look at 15 Best Performing Shitcoins in 2023 and 13 Best American Energy Stocks To Buy Now
