5 Oil Stocks Billionaires Are Loading Up On

3. ConocoPhillips (NYSE:COP)

Number of Billionaire Investors: 16

Dollar Value of Billionaire Holdings: $1,049,768,808

Number of Hedge Fund Holders: 72

ConocoPhillips (NYSE:COP) is a Houston, Texas-based energy company established in 1917 that is one of the largest independent E&P companies in the world.

On May 26, ConocoPhillips (NYSE:COP) announced that it would buy the remaining 50% stake in the Surmont oil facility from a subsidiary of TotalEnergies SE (NYSE:TTE) for a sum of $3 billion. This will enhance the presence of the company in the Canadian oil sands, which are considered to be home to the world’s biggest crude oil reserves. Click here to read the ConocoPhillips (NYSE:COP) earnings call transcript for Q1 2023.

Oakmark Funds shared its stance on ConocoPhillips (NYSE:COP) in its Q1 2023 investor letter. Here’s what the firm said:

ConocoPhillips (NYSE:COP) is one of the largest and lowest cost U.S. exploration and production companies in the country, led by CEO Ryan Lance—in our view one of the best value creators in the industry. ConocoPhillips’s share prices fell in the first quarter as oil prices receded, which is not atypical. We were buying the company at prices where it could generate its entire market cap in free cash flow over the next decade while growing the production such that at the end of that time, the base of production would be one-third higher. This sort of reinvestment opportunity is unique to ConocoPhillips and clearly not reflected in the current share price.”

ConocoPhillips (NYSE:COP) is considered one of the best oil stocks by hedge funds. At the end of Q1 2023, 72 elite funds held a stake in the company.