In this piece, we will take a look at the five oil stocks with the biggest upside. If you want to learn more about why some oil stocks might do well over others, then read 13 Oil Stocks with Biggest Upside.
5. Schlumberger Limited (NYSE:SLB)
Number of Q4 2023 Hedge Fund Shareholders: 62
Share Price Performance YTD: -7.35%
The sizeable oil and gas equipment firm Schlumberger Limited (NYSE:SLB) is a 2024 Goldman Sachs stock pick. And despite the year to date share price drop, the shares are rated Strong Buy on average. The average share price target of $68 prices in a 41% upside.
During Q4 2023, 62 out of the 933 hedge funds covered by Insider Monkey’s research were Schlumberger Limited (NYSE:SLB)’s shareholders. Rajiv Jain’s GQG Partners owned the biggest stake which was worth $1.5 billion.
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Follow Schlumberger Limited (NYSE:SLB)
4. Occidental Petroleum Corporation (NYSE:OXY)
Number of Q4 2023 Hedge Fund Shareholders: 66
Share Price Performance Since March 2022: 7.15%
Occidental Petroleum Corporation (NYSE:OXY) is a Texas based oil and gas firm with operations all over the world and a diversified business. It’s one of few oil stocks that actually jumped in Q1 2022, and if we account for this, then the shares are up by 52% since the tail end of February.
By the end of December 2023, 66 out of the 933 hedge funds tracked by Insider Monkey had held a stake in the firm. Occidental Petroleum Corporation (NYSE:OXY)’s largest hedge fund investor is Warren Buffett’s Berkshire Hathaway through its $14.5 billion investment.
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Follow Occidental Petroleum Corp (NYSE:OXY)
3. Chevron Corporation (NYSE:CVX)
Number of Q4 2023 Hedge Fund Shareholders: 71
Share Price Performance YTD: 1.91%
Chevron Corporation (NYSE:CVX) is the well known American oil and gas giant. Its shares are still by 1.91% to date despite recent news that its multi billion dollar deal to expand oil production in Guyana by acquiring Hess might be unsuccessful. Chevron Corporation (NYSE:CVX)’s average share price target is $177.
Insider Monkey scoured through 933 hedge fund holdings for 2023’s final quarter and found 71 Chevron Corporation (NYSE:CVX) shareholders. Warren Buffett’s Berkshire Hathaway was the biggest shareholder due to its $18.8 billion investment.
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Follow Chevron Corp (NYSE:CVX)
2. Hess Corporation (NYSE:HES)
Number of Q4 2023 Hedge Fund Shareholders: 74
Share Price Performance Since March 2022: 49.27%
Hess Corporation (NYSE:HES) is a diversified American oil and gas firm with operations in Guyana, Canada, and other countries. It’s the highest performing stock on our list of the oil stocks with the highest upside, as the shares are helped no doubt by Chevron’s intent to buy the company. However, as recent events have suggested, the deal might not close.
Insider Monkey scoured through 933 hedge fund holdings for 2023’s December quarter and found that 74 had held a stake in the firm. Hess Corporation (NYSE:HES)’s largest hedge fund investor is Phill Gross and Robert Atchinson’s Adage Capital Management through its $624 million investment.
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Follow Hess Corp (NYSE:HES)
1. Pioneer Natural Resources Company (NYSE:PXD)
Number of Q4 2023 Hedge Fund Shareholders: 76
Share Price Performance Since March 2022: -7.24%
Pioneer Natural Resources Company (NYSE:PXD) marks a nice end to our list of the stocks with the highest upside due to its impending acquisition by Exxon Mobil. Should Chevron’s merger fail and Exxon’s succeed, then the latter will enjoy a significant advantage. As for the share price, it has seen several catalysts since 2022, including a record variable dividend in August 2022, and multiple surges due to the Exxon affair.
76 out of the 933 hedge funds covered by Insider Monkey’s Q4 2023 research were Pioneer Natural Resources Company (NYSE:PXD)’s shareholders. Mathew Halbower’s Pentwater Capital Management owned the biggest stake which was worth $1.3 billion.
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Follow Pioneer Natural Resources Co (NYSE:PXD)
Disclosure: None. You can also take a look at 15 Countries With Economic Growth or Debt Problems in 2024 and 11 Best Brewery and Distillery Stocks to Buy Now.
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