5 Oil Stocks to Watch on Thursday

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In this article, we will take a look at the 5 oil stocks to watch on Thursday. To take a look at some more stocks on our watchlist and the latest market situation, go to 10 Oil Stocks to Watch on Thursday.

5. ConocoPhillips (NYSE:COP)

ConocoPhillips (NYSE:COP) is a Houston, Texas-based oil and gas E&P corporation. OPEC’s decisions would impact the company as a decline in crude oil prices is expected to make many sites unfeasible for oil production. ConocoPhillips (NYSE:COP) stock is down 0.19% as of 1:50 PM ET. Jeanine Wai at Barclays reiterated an Overweight rating on ConocoPhillips (NYSE:COP) stock with a price target of $132 in a note issued to investors on May 25. The analyst highlighted that the payout yield would be a major determinant in ConocoPhillips’ (NYSE:COP) stock price performance this year. She added that the sustainability of healthy dividend yield would become a topic of focus as we move forward in 2022 and try to move on towards pre-pandemic levels.

ConocoPhillips (NYSE:COP) was discussed in the Q1 2022 investor letter of ClearBridge Investments. Here’s what the investment management firm said:

“The energy sector, which led a strong market in 2021, generated even more dramatic relative performance in the quarter, advancing 39% and leading the benchmark Russell 1000 Value Index. Years of restrained investment in the energy sector, combined with a strong post-pandemic recovery, contributed to the higher commodity prices. The upward pressure escalated with the Russian invasion of Ukraine. Our energy holdings ConocoPhillips (NYSE:COP) benefited from higher commodity prices and was among the top contributors to first-quarter performance.”

Overall, 67 hedge funds held a stake in ConocoPhillips (NYSE:COP) at the end of Q1 2022.

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