5 High Growth Energy Stocks To Buy

3. EOG Resources, Inc. (NYSE:EOG)

Number of Hedge Fund Holders: 52

Quarterly Revenue Growth YoY as of September 29, 2022: 59.10%

EOG Resources, Inc. (NYSE:EOG) is a Texas-based company that explores for, develops, produces, and markets crude oil, and natural gas and natural gas liquids. The company’s Q3 revenue of $7.59 billion climbed 59.1% year-over-year, beating market estimates by $610 million. It is one of the premier high growth energy stocks to invest in. 

On January 27, JPMorgan analyst Arun Jayaram maintained an Overweight rating on EOG Resources, Inc. (NYSE:EOG) but lowered the firm’s price target on the shares to $153 from $156. The firm cited the recent decline in strip pricing for the target drop.

According to Insider Monkey’s third quarter database, 52 hedge funds were bullish on EOG Resources, Inc. (NYSE:EOG), compared to 43 funds in the prior quarter. Harris Associates held the biggest stake in the company, consisting of 7 million shares worth $787.4 million. 

Here is what Oakmark Select Fund has to say about EOG Resources, Inc. (NYSE:EOG) in its Q1 2022 investor letter:

“EOG Resources (NYSE:EOG) (+36%), was among our top contributors in the quarter as oil prices rallied due to tight supplies, which were then exacerbated by the Russian invasion of Ukraine. Although their share prices have increased considerably, both companies still look quite undervalued even using longer term oil prices in the $65-70 dollar range. Meanwhile, if times are good over the next couple of years, we expect these companies to return significant percentages of their market caps to shareholders.”