Billionaire Steve Cohen’s Top 15 Stock Picks

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12. ConocoPhillips (NYSE:COP)

Number of Hedge Fund Holders: 66   

Point72 Asset Management’s Stake: $192.9 million  

ConocoPhillips (NYSE:COP) is an energy company based in Texas. The following factors demonstrate the company’s promise as a solid investment. The first prime factor that may attract investment is the company’s strong operational cash flow. As per the reports of the third quarter of 2024, in the first nine months of 2024, cash provided by operating activities was $15.7 billion, excluding a $0.8 billion change in working capital. Secondly, the company completed its acquisition of Marathon Oil Corporation, which would diversify its portfolio and expect to deliver synergies of over $1 billion on a run rate basis in the next 12 months. Moreover, ConocoPhillips signed another agreement with the German energy group Uniper to extend by 10 years their partnership for the supply of up to 10 bcm of natural gas to the German utility.

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