5 Best Oil Stocks To Buy According To Hedge Funds

2. ConocoPhillips (NYSE:COP)

Number of Hedge Fund Holders: 71     

ConocoPhillips (NYSE:COP) explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. The company is one of the most prominent energy stocks to invest in. On September 6, the company announced that it would be overseeing a carbon capture and storage facility for a proposed US hydrogen gas project to be developed as a partnership with top Japanese utility JERA.

On September 12, Piper Sandler analyst Ryan Todd maintained an Overweight rating on ConocoPhillips (NYSE:COP) stock and raised the price target to $134 from $123, noting that despite near-term risk, there was no change to strategic priorities across upstream coverage.

At the end of the second quarter of 2022, 71 hedge funds in the database of Insider Monkey held stakes worth $2.5 billion in ConocoPhillips (NYSE:COP), compared to 67 in the previous quarter worth $2.6 billion.

In its Q1 2022 investor letter, Diamond Hill Capital, an asset management firm, highlighted a few stocks and ConocoPhillips (NYSE:COP) was one of them. Here is what the fund said:

“We redeployed capital into ConocoPhillips (NYSE:COP), which was trading at a discount to our estimate of intrinsic value and is well positioned over the long run due to its low-risk asset base.”