In this piece, we will take a look at the 5 best energy stocks to buy now. If you want to go through our overview of the global energy industry and some latest events, then you can take a look at the 15 Best Energy Stocks To Buy Now.
5. NextEra Energy, Inc. (NYSE:NEE)
Number of Hedge Fund Holders: 65
NextEra Energy, Inc. (NYSE:NEE) operates across the spectrum of electric power, encompassing the generation, transmission, distribution, and sale of electricity throughout North America. In addition, the company is actively involved in trading energy commodities and oversees electric generation facilities in wholesale energy markets.
On January 25, NextEra Energy, Inc. (NYSE:NEE) announced its Q4 non-GAAP EPS of $0.52 and reported revenue of $6.87 billion. These figures surpassed Wall Street’s expectations by $0.03 and $550 million, respectively.
According to Insider Monkey’s fourth quarter database, 65 hedge funds were bullish on NextEra Energy, Inc. (NYSE:NEE), up from 58 funds in the prior quarter. John Overdeck and David Siegel’s Two Sigma Advisors held the largest position in the company, with 3.9 million shares worth $237.21 million.
4. Occidental Petroleum Corporation (NYSE:OXY)
Number of Hedge Fund Holders: 66
Occidental Petroleum Corporation (NYSE:OXY) is a U.S.-based company primarily dedicated to hydrocarbon exploration in the United States and the Middle East. Additionally, the company engages in petrochemical manufacturing operations across multiple locations, including the United States, Canada, and Chile. Incorporated in Delaware, Occidental Petroleum Corporation (NYSE:OXY) has its corporate headquarters situated in Houston.
As of the end of the fourth quarter of 2023, 66 hedge funds out of the 933 funds tracked by Insider Monkey had stakes in Occidental Petroleum Corp (NYSE:OXY).
3. Chevron Corporation (NYSE:CVX)
Number of Hedge Fund Holders: 71
Chevron Corporation (NYSE:CVX) is a distinguished American multinational energy company with a primary focus on the oil and gas industry. Originating as the Standard Oil Company of California, it stands as the second-largest direct descendant of Standard Oil. Headquartered in San Ramon, California, the company operates in more than 180 countries globally.
In early February, Chevron Corporation (NYSE:CVX) released its Q4 results. The adjusted earnings per share (EPS) for the quarter amounted to $3.45, surpassing estimates by $0.23. However, revenue experienced a 16.5% year-over-year decline, totaling $47.18 billion, falling short of estimates by $6.02 billion.
As of the end of the fourth quarter of 2023, 71 hedge funds tracked by Insider Monkey had stakes in Chevron Corporation (NYSE:CVX).
The London Company Large Cap Strategy stated the following regarding Chevron Corporation (NYSE:CVX) in its fourth quarter 2023 investor letter:
“Chevron Corporation (NYSE:CVX) – CVX underperformed during 4Q as oil prices fell, 3Q results missed expectations, and CVX negatively adjusted 2024-2025 cash flow guidance for its key asset in Kazakhstan. It is also notable that CVX announced a deal to acquire Hess Corp in a stock-for-stock transaction. While we generally do not maintain a high degree of exposure to pure commodity businesses, we continue to view CVX favorably for its conservative balance sheet, focus on returns, and commitment to the dividend.”
2. Hess Corporation (NYSE:HES)
Number of Hedge Fund Holders: 74
Hess Corporation (NYSE:HES) operates as a prominent exploration and production company, specializing in the exploration, development, production, purchase, transportation, and sale of crude oil, natural gas liquids, and natural gas. Its operations are divided into two segments – Exploration and Production, and Midstream.
On January 31, Hess Corporation (NYSE:HES) disclosed its Q4 non-GAAP EPS of $1.63 and reported revenue of $3.01 billion. These figures exceeded Wall Street expectations by $0.24 and $140 million, respectively.
According to Insider Monkey’s third quarter database, 74 hedge funds were bullish on Hess Corporation (NYSE:HES), compared to 58 funds in the prior quarter. Adage Capital Management is the leading position holder in the company, with 4.3 million shares worth $624.5 million.
1. Exxon Mobil Corporation (NYSE:XOM)
Number of Hedge Fund Holders: 85
Exxon Mobil Corporation (NYSE:XOM) has long been a dominant force in the LNG sector, boasting over four decades of experience in LNG project development. With roots tracing back to the era of John D. Rockefeller’s Standard Oil, Exxon Mobil Corporation (NYSE:XOM) has evolved significantly over its 140-year history. Originally established as a local distributor of kerosene in the United States, the company has emerged as a global industry leader, ranking prominently among the foremost publicly traded entities in the petroleum and petrochemical fields.
As of the conclusion of the fourth quarter of 2023, Insider Monkey’s tracking data revealed that 85 out of 933 hedge funds held stakes in Exxon Mobil Corp (NYSE:XOM). Among them, Ken Fisher’s Fisher Asset Management emerged as the largest stakeholder, with a $1.32 billion investment in Exxon Mobil Corp (NYSE:XOM).
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