This article presents an overview of Republicans are Buying These 5 Oil and Gas Stocks. For a detailed overview of such stocks read our article, Republicans are Buying These 10 Oil and Gas Stocks.
5. Devon Energy Corp (NYSE:DVN)
Number of Hedge Fund Investors: 50
Republican Congressman Kevin Hern on March 28 snapped up shares of Devon Energy Corp (NYSE:DVN) worth between $15,000 to $50,000 as part of a dividend reinvestment plan. Since then through April 24 Devon Energy Corp (NYSE:DVN) stock has gained about 3.88%.
Of the 933 funds tracked by Insider Monkey, 50 hedge funds had stakes in Devon Energy Corp (NYSE:DVN).
4. Occidental Petroleum Corp (NYSE:OXY)
Number of Hedge Fund Investors: 66
Congressman Michael McCaul from Texas’s 10th congressional district on February 1 bought a stake in Occidental Petroleum Corp (NYSE:OXY) worth between $50,000 to $100,000 at $57.32 per share. Since then the stock has jumped 17%.
3. Chevron Corp (NYSE:CVX)
Number of Hedge Fund Investors: 71
Republican Congressman Michael McCaul bought a stake worth between $15,000 to $50,000 in Chevron Corp (NYSE:CVX) on February 20. Since then through April 24, the stock has gained about 6%.
Of the 933 hedge funds tracked by Insider Monkey, 71 hedge funds reported owning stakes in Chevron Corp (NYSE:CVX). Warren Buffett’s Berkshire Hathaway owns an $18.8 billion stake in Chevron Corp (NYSE:CVX).
Carillon Eagle Growth & Income Fund stated the following regarding Chevron Corporation (NYSE:CVX) in its fourth quarter 2023 investor letter:
“Chevron Corporation (NYSE:CVX) traded lower, along with oil prices, and issued a disappointing earnings announcement due to overseas refining losses. Separately, the company announced an agreement to buy another energy company with operations offshore of Guyana, as well as in North Dakota, the Gulf of Mexico, and the Gulf of Thailand. This is a strategic acquisition for very little takeout premium.”
2. Pioneer Natural Resources Co (NYSE:PXD)
Number of Hedge Fund Investors: 76
Pioneer Natural Resources Co (NYSE:PXD) is another energy stock that remains on the radar of Republican politicians. Congressman Kevin Hern bought shares of Pioneer Natural Resources Co (NYSE:PXD) worth between $1,000 to $15,000 on March 22. Since then through April 24 Pioneer Natural Resources Co (NYSE:PXD) shares have gained about 6%. Republican Congressman Chris Jacobs also bought Pioneer Natural Resources Co (NYSE:PXD) shares on December 12 worth between $1,000 to $15,000.
TimesSquare Capital U.S. Mid Cap Growth Strategy stated the following regarding Pioneer Natural Resources Company (NYSE:PXD) in its fourth quarter 2023 investor letter:
“We often see the ebb and flow of the Energy sector tied to underlying commodity prices. Pioneer Natural Resources Company (NYSE:PXD) is an independent exploration and production company with operations in West Texas. Exxon Mobil formally announced the acquisition of Pioneer in an all-stock deal that is expected to close in the first half of 2024. We trimmed the position, which had a 0% return for the quarter – which outpaced the index sector average decline of -2%.”
1. Exxon Mobil Corp (NYSE:XOM)
Number of Hedge Fund Investors: 85
On March 11, Republican Congressman Kevin Hern bought Exxon Mobil Corp (NYSE:XOM) shares as part of a dividend reinvestment plan. The total worth of these shares was between $1,000 to $15,000. Since then the stock is up 11%.
Of the 933 funds tracked by Insider Monkey, 85 hedge funds reported owning stakes in Exxon Mobil Corp (NYSE:XOM).
Madison Dividend Income Fund stated the following regarding Exxon Mobil Corporation (NYSE:XOM) in its first quarter 2024 investor letter:
“This quarter we are highlighting Exxon Mobil Corporation (NYSE:XOM) as a relative yield example in the Energy sector. XOM is a leading integrated oil and natural gas company. It has upstream assets that develop and produce oil and natural gas, along with downstream refining and chemical manufacturing assets. We believe it has attractive low-cost acreage in the Permian basin and has a sizeable growth opportunity in Guyana. Further, we think XOM has a sustainable competitive advantage due to size and scale, and its ability to integrate refining and chemical assets provides a low-cost advantage versus competitors.
Our thesis on XOM is that it will grow production volumes of oil and gas moderately over the next few years, while limiting excessive capital investment that plagued the industry from 2014-2020. Production growth will come from its 2023 acquisition of Pioneer Natural Resources, which is the largest producer in the Permian basin. XOM plans to double its Permian output by 2027, to 2 million barrels per day. Capital spending will be limited to $20-25 billion per year through 2027, which should allow for significant amounts of cash to be returned to shareholders including a $35 billion share repurchase program and continued dividend increases. Higher oil prices would provide a tailwind to our thesis but are not necessary. We think XOM can grow earnings and cash flow if oil prices remain above $60 per barrel…” (Click here to read the full text)
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