Billionaires Are Betting On These 5 Energy Stocks

3. ConocoPhillips (NYSE:COP)

Number of Billionaire Investors: 16

Dollar Value of Billionaire Holdings: $1.38 billion

ConocoPhillips (NYSE:COP) is one of the largest hydrocarbon exploration and production companies in the world with operations in 13 countries. The corporation carries out exploration, production, transportation, and marketing of crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids.

ConocoPhillips (NYSE:COP)’s stock was covered by 20 Wall Street analysts, and 17 analysts kept a Buy rating. The average price target of $142.05 had an upside of 27.58% at the time of writing on December 7.

The number of hedge funds with a stake in ConocoPhillips (NYSE:COP) remained the same, 62 funds, in Q3 and Q2, but the combined stake value increased to $3.68 billion in the third quarter from $2.6 billion in the previous quarter. The biggest shareholder of the company was Natixis Global Asset Management’s Harris Associates, with 13.5 million shares worth $1.6 billion.

Oakmark Funds commented on ConocoPhillips (NYSE:COP) in its second quarter 2023 investor letter. Here is what it said:

“ConocoPhillips (NYSE:COP) is one of the largest and most efficient exploration and production companies in the country. The company has an extensive resource base of high-quality drilling inventory in the U.S. and various international locations as well as a growing liquified natural gas business. In our view, the depth and quality of ConocoPhillips’s inventory is a competitive differentiator that is not fully captured in today’s share price. Over the next 10 years, we believe ConocoPhillips will be able to return more than 100% of its current market cap to shareholders via dividends and share repurchases while growing its production at a mid-single-digit annual pace. We believe ConocoPhillips is also among the best managed companies in the oil and gas industry and we are impressed by its history of accretive capital allocation under CEO Ryan Lance. The stock has meaningfully underperformed the broader market year-to-date and is an attractive addition to our portfolio.”