5 Best Energy Stocks to Buy Now

2. ConocoPhillips (NYSE:COP)

No. of Hedge Fund Holders: 71

ConocoPhillips (NYSE:COP), headquartered in Houston, Texas, is a multinational corporation involved in the production and exploration of hydrocarbons. The company improved its portfolio and financial structure by purchasing Concho Resources and Shell Permian in 2021.

As a result, ConocoPhillips (NYSE:COP) enjoys economies of scale and profits. With the higher energy prices, ConocoPhillips (NYSE:COP) had strong Q2 results with normalized EPS of $3.91, beating analyst estimates by $0.06.

With a forward P/E of 7.73, the energy stock could rise if the company continues to grow and energy prices remain high.

When looking at the institutional investors followed by Insider Monkey at the end of Q2, Fisher Asset Management, managed by Ken Fisher, holds the biggest position in ConocoPhillips (NYSE:COP). Fisher Asset Management has over $600 million position in the stock, comprising 0.42% of its 13F portfolio.