5 Best Stocks to Buy Under $30 According to Bruce Kovner’s Caxton Associates

1. Equinor ASA (NYSE:EQNR)

Caxton Associates’ Stake Value: $3,074,000

Stock Price as of October 4: $26.5

Number of Hedge Fund Holders: 11

Ranking first on our list of the best stocks to buy under $30 according to Bruce Kovner’s Caxton Associates is Equinor ASA (NYSE:EQNR), which is a multinational Norwegian energy company, headquartered in Stavanger, Norway. It is a state-owned operation that primarily focuses on petroleum and renewable energy, and serves across 36 countries. 

Caxton Associates owns 145,000 shares in Equinor ASA (NYSE:EQNR), amounting to $3.07 million. At the end of the second quarter of 2021, 11 hedge funds in Insider Monkey’s database held stakes worth $88.6 million in Equinor ASA (NYSE:EQNR), down from 8 in the previous quarter with stakes worth over $99.7 million. 

Out of the hedge funds tracked by Insider Monkey, Point72 Asset Management is the largest stakeholder in Equinor ASA (NYSE:EQNR), with 1.66 million shares worth over $35.3 million.

Massif Capital discussed the potential profitability and future gains which could be realized from holding stakes in Equinor ASA (NYSE:EQNR) in their Q2 2021 investor letter. Here is what they said: 

“We currently have two oil-related positions in our portfolio and believe the oil opportunity set is ripe. As one might expect, both positions, (including Equinor: EQNR) performed well during the second quarter, given the steady march higher that oil has made in recent months. We maintain a positive outlook for both companies, although, importantly, our posture is not predicated on an expectation for continued oil price appreciation. This is not because of our inability to imagine scenarios where that does occur, but more out of an abundance of caution for what is a highly volatile commodity that at current price levels should be more than sufficient to generate ample free cash flow for any investable oil firm.

In the future, we expect both firms in the portfolio to generate significant free cash flow and expect EQNR to reinvest that free cash flow into a combination of offshore oil and wind opportunities with high rates of return. The path forward for AOI is more complicated and does warrant a few comments.”

You can also take a look at 10 Top Tech Stocks to Buy Today According to Brad Gerstner’s Altimeter Capital Management and 10 E-commerce and Tech Stocks to Buy Now According to Christopher Lyle’s SCGE Management. 

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