5 Most Profitable Oil Stocks in the World

2. BP p.l.c. (NYSE:BP)

Number of Hedge Fund Holders: 35

Latest TTM Net Income: $25.67 billion

BP p.l.c. (NYSE:BP), a British multinational oil and gas company headquartered in London, England, stands as one of the oil and gas “supermajors” and is among the world’s largest companies in terms of revenues and profits. On November 6, Morgan Stanley analyst Martijn Rats maintained an Overweight rating on BP p.l.c. (NYSE:BP) shares, albeit with a reduced price target of 610 GBp from the previous 700 GBp.

Recently, BP p.l.c (NYSE:BP) has taken a significant step in its transition strategy by agreeing to acquire the remaining 50.03% stake in the solar power developer Lightsource BP. The influence of former CEO Bernard Looney’s vision is evident in this decision. The initial payment for this acquisition amounts to £254 million, with potential additional payments contingent on the company’s performance and the divestment of identified assets.

As of the close of Q3 2023, 35 hedge funds tracked by Insider Monkey reported having stakes in BP p.l.c. (NYSE:BP), compared with 36 in the preceding quarter. The collective value of these stakes is more than $2.05 billion.