The energy sector has been volatile, and macro trends have led to fears of recession. The S&P 500 energy sector gained almost 9% from January till late March, but it has been dragged down by the broader market correction.
Brent futures have hit lows and sent many energy stocks into a tailspin. Yet, there are still some energy stocks that have defied the odds and have delivered solid gains. Midstream companies have been exceptionally resilient, and renewables have also been a bright spot in the energy sector.
Even during bear markets there are pockets of the market that perform exceptionally well. For instance, tech stocks have been in a bear market, but I recently identified 15 Tech Stocks that are Up the Most in 2025 in another article.
Now let’s take a look at the 15 energy stocks that are up the most so far.
Methodology
For this article, I screened the best-performing energy stocks year-to-date.
I will also mention the number of hedge fund investors in these stocks. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
15. Antero Midstream Corp (NYSE:AM)
Number of Hedge Fund Holders In Q4 2024: 38
Antero Midstream Corp (NYSE:AM) owns, operates, and develops midstream energy assets, primarily providing gathering, compression, and water distribution services to natural gas producers in the Appalachian Basin.
The stock’s strong performance in 2025 has been driven by a series of robust financial results and shareholder-friendly actions. In February, Antero reported record throughput, net income, adjusted EBITDA, and free cash flow for 2024, with net income up 8% year-over-year to $401 million and free cash flow after dividends rising 61% to $250 million. The company also announced a 10% increase in 2025 free cash flow guidance, driven by disciplined capital spending and operational efficiencies, including a 13% decrease in capital expenditures for 2024 and further reductions planned for 2025.
A key catalyst was the company’s initiation of a share repurchase program, with $29 million in shares bought back in late 2024 and another 1.7 million shares repurchased for $28.6 million in the first quarter of 2025. Plus, Antero declared a quarterly dividend of $0.225 per share.
The consensus price target of $16.5 implies 1.2% downside.
AM stock is up 13.59% year-to-date.
14. Epsilon Energy Ltd (NASDAQ:EPSN)
Number of Hedge Fund Holders In Q4 2024: 6
Epsilon Energy Ltd (NASDAQ:EPSN) is an independent natural gas and oil company focused on acquiring, developing, and producing reserves in the United States, with operations in the Marcellus Shale, Permian Basin, and Anadarko Basin.
The stock’s sharp rise in 2025 is mainly attributed to a dramatic turnaround in natural gas production and pricing. After a challenging 2024, when Marcellus net wellhead prices were below $2 per Mcf and about 20-25% of production was curtailed, Epsilon began ramping up output in late 2024 and early 2025 as gas prices improved. The CEO reported that Marcellus production was up 75% from the 2024 average by the first quarter of 2025, allowing Epsilon to capture higher realized prices and boost revenues.
Another driver was the company’s shareholder returns, with $7.3 million returned in 2024 through dividends and buybacks. In March 2025, Epsilon was upgraded to a “Buy” rating by Zacks, reflecting a positive shift in earnings estimates and institutional sentiment, which further supported the stock.
The consensus price target of $7.7 implies 10% upside.
EPSN stock is up 13.73% year-to-date.
13. Sunoco LP (NYSE:SUN)
Number of Hedge Fund Holders In Q4 2024: 3
Sunoco LP (NYSE:SUN) is the largest independent fuel distributor in the United States and operates a vast energy infrastructure network, including 14,000 miles of pipelines and over 100 terminals across the U.S., Puerto Rico, Europe, and Mexico.
The main reason for SUN’s strong stock performance in 2025 has been its consistent and growing distributions to unitholders. On April 23, 2025, Sunoco announced its second consecutive quarterly distribution increase, raising the payout by 1.25% to $0.8976 per unit and reaffirming its target of at least 5% annual distribution growth for 2025. This move followed a series of increases since 2022, with total distribution growth of about 9%, highlighting the company’s commitment to capital returns.
Sunoco’s 2024 annual report, filed in February 2025, showed stable financials and continued strong cash flows, which supported these distribution increases and reassured investors about the sustainability of its payout.
The consensus price target of $63.83 implies 8% upside.
SUN stock is up 16.82% year-to-date.
12. KNOT Offshore Partners LP (NYSE:KNOP)
Number of Hedge Fund Holders In Q4 2024: 7
KNOT Offshore Partners LP (NYSE:KNOP) owns, operates, and acquires shuttle tankers that transport crude oil under long-term charters in offshore oil production regions, mainly in Brazil and the North Sea.
The most recent catalyst for the stock’s strong performance in 2025 has been the company’s announcement of its first quarter 2025 earnings results conference call, scheduled for May 21, 2025, which has generated anticipation among investors for continued operational stability and potential positive financial updates. Earlier in April, KNOP declared a quarterly cash distribution of $0.026 per common unit for the first quarter of 2025.
KNOP stock is up 16.86% year-to-date.
11. Veren Inc (NYSE:VRN)
Number of Hedge Fund Holders In Q4 2024: 22
Veren Inc (NYSE:VRN) is a Canadian oil and gas exploration and production company focused on light oil in southern Saskatchewan and central Alberta.
The biggest recent driver for the stock’s rally in 2025 was due to Whitecap Resources and Veren combining in a $15 billion transaction.
This news, combined with speculation of a successful trial of a new tech product and quarterly earnings that beat expectations, has attracted significant investor interest and pushed the stock up.
The consensus price target of $12.67 implies 112.53% upside.
VRN stock is up 17.33% year-to-date.
10. Ultrapar Participacoes SA (NYSE:UGP)
Number of Hedge Fund Holders In Q4 2024: 11
Ultrapar Participacoes SA (NYSE:UGP) is a Brazilian conglomerate operating in energy and logistics, distributing liquefied petroleum gas, fuel, and chemicals, and providing bulk storage and digital payments services.
The most significant news affecting the stock in 2025 was the filing of its 2024 Form 20-F annual report with the SEC on April 22, 2025.
Citi’s recent price target adjustment for Ultrapar, while lowering expectations due to anticipated weaker results from its Ipiranga segment, still maintained a ‘Buy’ rating, reflecting confidence in the company’s operating cash flow and attractive valuation.
The consensus price target of $3.2 implies 4.4% upside.
UGP stock is up 19.98% year-to-date.
9. Texas Pacific Land Corp (NYSE:TPL)
Number of Hedge Fund Holders In Q4 2024: 28
Texas Pacific Land Corp (NYSE:TPL) is one of the largest private landowners in Texas, generating revenue primarily from oil and gas royalties, water services, and land-related income streams in the Permian Basin.
The most significant driver behind this surge has been a record-setting increase in oil and gas royalty production, which reached 28,300 barrels of oil equivalent per day in the third quarter of 2024, up 13% from the previous quarter. This led to a substantial boost in high-margin royalty revenue, which now makes up over half of the company’s income.
TPL’s asset-light model allows it to benefit from rising Permian Basin activity without the capital risks faced by traditional oil producers. The company’s diversified revenue streams, including water sales and infrastructure easements, have also contributed to its resilience and growth. Investors have responded positively to TPL’s ability to generate strong cash flow and earnings with minimal operational risk, especially as oil prices and drilling activity in West Texas picked up sharply in late 2024 and early 2025.
The consensus price target of $917 implies 31.34% downside.
TPL stock is up 20.46% year-to-date.
8. NACCO Industries Inc (NYSE:NC)
Number of Hedge Fund Holders In Q4 2024: 5
NACCO Industries Inc (NYSE:NC) operates in the natural resources sector, with a focus on coal mining, aggregates, and environmental solutions, primarily through its subsidiaries in North America.
The stock is up significantly so far in 2025, with the most notable catalyst being regulatory developments favoring coal. In early April, the U.S. Department of Land released a draft environmental analysis for new leasing areas at North Dakota’s Freedom Mine, which is owned by NACCO. This expansion covers an additional 1,350 acres, estimated to contain 24 million tons of mineable coal, potentially extending the mine’s life to 2045.
Further supporting the rally, recent executive actions have directed federal agencies to prioritize coal leasing, which represents a significant policy shift and a boon for NACCO’s coal operations. Investors have also been anticipating the company’s first quarter 2025 earnings, scheduled for April 30.
NC stock is up 21.04% year-to-date.
7. Ecopetrol SA (NYSE:EC)
Number of Hedge Fund Holders In Q4 2024: 13
Ecopetrol SA (NYSE:EC) is Colombia’s state-controlled oil and gas company, engaged in exploration, production, refining, and transportation of hydrocarbons, with a growing presence in renewable energy.
The stock experienced periods of volatility in 2025 but generally trended higher, driven by a series of robust operational and financial achievements. The most impactful recent news was the company’s 2024 results, which showed record production of 746,000 barrels of oil equivalent per day, a 104% reserve replacement ratio, and a net income of COP 14.9 trillion. Ecopetrol also completed the acquisition of the CPO-09 field from Repsol, adding 32 million barrels of oil equivalent to its reserves, and extended its joint venture in the Permian Basin.
In March 2025, Ecopetrol announced plans to raise up to $2 billion in new debt to fund further acquisitions, including a potential deal for Enel’s Windpeshi wind project.
The consensus price target of $11 implies 20.4% upside.
EC stock is up 21.06% year-to-date.
6. Hallador Energy Co (NASDAQ:HNRG)
Number of Hedge Fund Holders In Q4 2024: 24
Hallador Energy Co (NASDAQ:HNRG) is a vertically integrated independent power producer that operates the Merom Generating Station and also produces coal through its Sunrise Coal subsidiary.
The most significant driver behind the stock’s sharp rise in 2025 is its strategic transformation from a coal producer to a power producer. It signed a non-binding term sheet with a leading global data center developer in late 2024.
This deal, if finalized, would lock in the sale of most of Hallador’s power generation at premium margins for more than a decade, and the exclusivity period for finalizing the agreement lasts through early June 2025. The data center partner has already committed up to $5 million during this period, signaling strong intent and confidence in the transaction.
Another major catalyst was Hallador’s report of robust Q4 and full-year 2024 financials, with Q4 operating cash flow jumping to $32.5 million and adjusted EBITDA nearly tripling year-over-year to $6.2 million. The company also reduced its bank debt by more than half, finishing 2024 with $44 million in debt, and secured a $60 million prepaid power purchase agreement that further improved its balance sheet.
The consensus price target of $16 implies 10.4% upside.
HNRG stock is up 26.38% year-to-date.
5. National Fuel Gas Co (NYSE:NFG)
Number of Hedge Fund Holders In Q4 2024: 29
National Fuel Gas Co (NYSE:NFG) is a diversified, integrated energy company with operations spanning natural gas exploration, production, pipeline and storage, utility supply, and energy marketing, primarily focused in the Appalachian basin.
The stock is up significantly so far in 2025, propelled by a series of positive earnings surprises and a substantial upward revision to its fiscal 2025 guidance. In February, National Fuel Gas reported Q1 2025 earnings per share of $1.66.
It beat analyst estimates by nearly 10%, and raised its full-year earnings guidance by 17% to a range of $6.50 to $7.00 per share. The company expects a 35% increase in earnings over fiscal 2024, driven by higher utility earnings and production growth.
The consensus price target of $74.7 implies 4% downside.
NFG stock is up 28.97% year-to-date.
4. Kolibri Global Energy Inc (NASDAQ:KGEI)
Number of Hedge Fund Holders In Q4 2024: 3
Kolibri Global Energy Inc (NASDAQ:KGEI) is a North American energy company focused on oil and gas exploration and production, primarily operating the Caney Shale oil wells in the Tishomingo field, Oklahoma.
The main reason for the stock’s notable run-up in 2025 has been the company’s ambitious operational and financial guidance for the year. In January, Kolibri projected average production growth of 38-40% to 4,500-5,100 barrels of oil equivalent per day, with revenue expected to reach $75-89 million, up 32-44% from 2024.
Adjusted EBITDA is forecasted to rise by 35-48% to $58-71 million. It was driven by an aggressive drilling program, including nine new wells and expanded lateral drilling.
The company’s strategy to test new acreage in the Caney Formation, in partnership with a large integrated oil company, has also excited investors due to the potential for unlocking additional reserves at lower costs.
The consensus price target of $11 implies 59% upside.
KGEI stock is up 29.89% year-to-date.
3. Genesis Energy LP (NYSE:GEL)
Number of Hedge Fund Holders In Q4 2024: 5
Genesis Energy LP (NYSE:GEL) is a midstream energy master limited partnership that provides offshore pipeline transportation, marine transportation, sulfur services, and onshore facilities and transportation, primarily along the Gulf Coast and the Gulf of America/Mexico.
The most significant event driving the stock up in 2025 was the sale of its Alkali Business, which closed on February 28, 2025, netting Genesis approximately $1.01 billion in cash. The company used these proceeds to pay off its senior secured revolving credit facility, call its remaining 8% senior unsecured notes due 2027, and repurchase $250 million of its Class A convertible preferred units.
These actions are expected to save over $120 million in annual cash costs, or about $1.00 per common unit, and significantly simplify the balance sheet. This material event led to a notable stock price move of more than 5% in early March.
Additionally, Genesis is poised to benefit from two major projects in 2025: the expansion of its soda ash facility and the SYNC Pipeline and CHOPs expansion in the Gulf of Mexico. These projects are expected to drive future growth, especially if the soda ash market rebounds.
The consensus price target of $16.5 implies 16.5% upside.
GEL stock is up 42.29% year-to-date.
2. San Juan Basin Royalty Trust (NYSE:SJT)
Number of Hedge Fund Holders In Q4 2024: 6
San Juan Basin Royalty Trust (NYSE:SJT) is a grantor trust that holds a 75% net overriding royalty interest in oil and natural gas properties in the San Juan Basin of northwestern New Mexico, distributing monthly royalty income to unit holders.
The biggest news impacting the stock in 2025 was negative: the Trust announced no cash distributions for March and April due to excess production costs from Hilcorp’s drilling of two horizontal wells in 2024.
As of April 2025, the Trust had to apply all net proceeds to cover a remaining excess production cost balance of $12.87 million, with cash reserves dropping to just $117,797. This suspension of distributions followed a similar halt in March.
Hilcorp’s 2025 capital plan also calls for $9 million in expenditures for new drilling, recompletions, and facility upgrades, which will continue to weigh on cash flows and delay future distributions.
SJT stock is up 50.39% year-to-date. This is likely due to technical and cyclical reasons, as the stock recovers from a 77%-plus decline from 2022 peaks. Plus, many are optimistic about its oil and gas properties due to the new administration being friendly to fossil fuel development.
1. AleAnna Inc (NASDAQ:ANNA)
Number of Hedge Fund Holders In Q4 2024: 10
AleAnna Inc (NASDAQ:ANNA) is a natural gas resource company focused on delivering conventional and renewable natural gas supplies in Italy and Europe.
The most important catalyst for the stock’s surge in 2025 was the commencement of gas production at the Longanesi field on March 13, 2025, after the company secured all regulatory approvals. This milestone, combined with a multi-year gas sales agreement with Shell Energy Europe, provided AleAnna with a significant new revenue stream.
Natural gas prices in Europe have more than doubled over the past year, further boosting the company’s potential cash flows and attracting investor attention. AleAnna also completed three strategic acquisitions of renewable natural gas plant projects in Italy in 2024, which generated $1.4 million in electricity production revenue and expanded its renewable portfolio.
ANNA stock is up 61.36% year-to-date.
While we acknowledge the potential of ANNA, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than ANNA but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
Disclosure: None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.
