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12 Best Oil Stocks to Buy for 2024

In this article, we will take a detailed look at the 12 Best Oil Stocks to Buy for 2024. For a quick overview of such stocks, read our article 5 Best Oil Stocks to Buy for 2024.

Oil jumped on January 29 after an Iran-backed militia’s drone strike in northeast Jordan killed three US troops, an event that could worsen the already boiling tensions in the Middle East. But will these latest tensions affect oil stocks like Exxon Mobil Corp (NYSE:XOM),  Occidental Petroleum Corp (NYSE:OXY) and Chevron Corporation (NYSE:CVX) in 2024? Industry experts were anticipating a continued slowdown in oil prices in 2024 amid a weaker global economic growth. Latest data from the International Energy Agency said that oil demand in 2024 is expected to come in at 1.2 million barrels a day, down from 2.3 million barrels a day last year. Oil demand started to decline in the last quarter of 2023 following a decline in travel demand in China. Part of the reason why oil prices will remain subdued in 2024 is an oil supply surplus expected in the year, driven by record high supplies from the U.S., Brazil and Guyana, along with production increases from countries outside of OPEC+. Despite this, investors have a lot of to gain from the oil and gas industry as the world’s economic growth and output is set to come back to normal in the long term. Paul Sankey from Sankey Research recently said while talking to CNBC that while attacks on oil tankers and ships in the Red sea did not cause a rise in oil prices, the fact that WTI crude oil was hovering in the range of $70s shows that prices are not that low and if WTI goes near $75 we are going to see “very good cash returns” from oil companies this year.

Sankey referred to BP CEO who said that the company was using $60 per barrel as its base price for estimates and planning. Sankey said $60 per barrel is the “working number” for the industry and if oil price goes below this number only then it’d be worrying for the energy companies.

Methodology

For this article we scanned Insider Monkey’s database of 910 hedge funds and picked 12 oil stocks with the highest number of hedge funds. Why hedge funds? Hedge funds’ top 10 consensus stock picks outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here).

12. Transocean LTD (NYSE:RIG)

Number of Hedge Fund Investors: 47

Headquartered in Switzerland, American drilling company Transocean LTD (NYSE:RIG) is one of the best oil stocks to buy for 2024 according to hedge fund investors.

A total of 47 hedge funds tracked by Insider Monkey were long Transocean LTD (NYSE:RIG) as of the end of the September quarter.

In November 2023, BofA published a list of stocks that had underperformed but the bank said these companies had the potential to gain value in the future. Transocean LTD (NYSE:RIG) was part of this list of stocks.

In addition to RIG, hedge funds also love Exxon Mobil Corp (NYSE:XOM),  Occidental Petroleum Corp (NYSE:OXY) and Chevron Corporation (NYSE:CVX).

11. Noble Corporation PLC (NYSE:NE)

Number of Hedge Fund Investors: 48

Oil and gas drilling services company Noble Corporation PLC (NYSE:NE) ranks 11th in our list of the best oil stocks to buy for 2024 according to hedge funds.

As of the end of the third quarter of 2023, 48 hedge funds out of the 910 funds tracked by Insider Monkey had stakes in Noble Corporation PLC (NYSE:NE). The biggest stakeholder of Noble Corporation PLC (NYSE:NE) during this period was William B. Gray’s Orbis Investment Management which owns a $178 million stake in Noble Corporation PLC (NYSE:NE).

Carillon Scout Mid Cap Fund made the following comment about Noble Corporation Plc (NYSE:NE) in its Q3 2023 investor letter:

“Noble Corporation Plc (NYSE:NE), an offshore contract driller, benefited from improved sentiment regarding the offshore drilling business as higher day rates, the all-in daily costs of renting a drilling rig, were reported across the industry. The supply and demand for offshore rigs has tightened considerably.”

10. Valaris Ltd (NYSE:VAL)

Number of Hedge Fund Investors: 48

Offshore drilling contractor Valaris Ltd (NYSE:VAL) shares were spotted in 48  hedge fund portfolios as of the end of the September 2023 quarter.

Earlier this month Valaris Ltd (NYSE:VAL) said it secured a multi-year contract for one of its drillships with Petrobras (PBR) for work offshore Brazil, with a $519 million total contract value.

The company talked about guidance and future projects in its Q3 earnings call:

“We see continued opportunity in Brazil through 2024 and 2025, with three ongoing tenders across multiple operators and expect contract awards for some of the existing opportunities by year-end. We see further demand in Brazil coming to market in 2024 with commencements in 2025, with potential for up to five incremental additions to the fleet offshore Brazil. There’s a strong pipeline of opportunities in the Mediterranean and West Africa for work commencing in late 2024, 2025 and 2026, with approximately 17 requirements, more than half of which are likely to require incremental rigs. These include some multi-year opportunities that could help to increase demand for a limited supply of available rigs. While visible demand in the Gulf of Mexico is lower than in other areas of the Golden Triangle, we continue to see a constructive supply and demand picture in the region and expect future demand to keep the majority of rigs occupied.”

Read the full earnings call transcript here.

9. Marathon Petroleum Corp (NYSE:MPC)

Number of Hedge Fund Investors: 48

Petroleum refining and marketing company Marathon Petroleum Corp (NYSE:MPC) ranks ninth in our list of the best oil stocks to buy for 2024 according to hedge fund investors.

As of the end of the third quarter of 2023, 48 hedge funds out of the 910 funds were bullish on Marathon Petroleum Corp (NYSE:MPC) stock, as per Insider Monkey’s database.

In December, Morgan Stanley picked a few stocks with high free cash flow, high earnings per share growth, and an overweight rating in its U.S. Equity Strategy report. Marathon Petroleum Corp (NYSE:MPC) was part of the list.

The company in its Q3 earnings all talked about its fourth quarter guidance:

“We expect crude throughput volumes of over 2.6 million barrels per day, representing utilization of 90%. Utilization is forecasted to be lower than third quarter levels due to turnaround activity having a higher impact on units in the fourth quarter. In the Gulf Coast, with respect to the Galveston Bay reformer, repairs have progressed as planned. We anticipate starting the unit back up in mid November. Production is expected to ramp over the next several weeks. And guidance anticipates returning to full operating rates by mid-December, following advanced turnaround activity. And as I mentioned earlier, during this outage, we plan to continue progressing and complete turnaround work that was previously scheduled for 2024.

As a result, planned turnaround expense is now projected to be approximately $300 million in the fourth quarter. Operating costs per barrel in the fourth quarter are expected to be $5.60, higher sequentially due to higher energy cost, particularly on the West Coast, as well as higher project-related expenses associated with planned turnaround activity. Distribution costs are expected to be approximately $1.4 billion for the fourth quarter. Corporate costs are expected to be $175 million, representing the sustained reductions that we have made in this area.”

Read the full earnings call transcript here.

8. Shell PLC (NYSE:SHEL)

Number of Hedge Fund Investors: 49

With a 3.9% dividend yield and a low PE ratio, Shell PLC (NYSE:SHEL) is one of the best oil stocks to buy for 2024 according to smart money investors. Of the 49 hedge funds that had stakes in the oil company as of the end of the September 2023 quarter, Ken Fisher’s Fisher Asset Management had a $1.4 billion stake in Shell PLC (NYSE:SHEL).

Earlier this month, Redburn Atlantic issued a Buy rating on Shell PLC (NYSE:SHEL) stock

7. Devon Energy Corp (NYSE:DVN)

Number of Hedge Fund Investors: 52

Devon Energy Corp (NYSE:DVN) is one of the best high-yield dividend stocks in the oil and gas industry according to hedge fund investors. A total of 52 hedge funds tracked by Insider Monkey had stakes in Devon Energy Corp (NYSE:DVN). The biggest stakeholder of Devon Energy Corp (NYSE:DVN) was Donald Yacktman’s Yacktman Asset Management which owns a $145 million stake in Devon Energy Corp (NYSE:DVN).

Earlier this month, BMO issued a list of stocks that underperformed in January but are expected to outperform for the rest of the year. Devon made it to the list.

6. Hess Corp (NYSE:HES)

Number of Hedge Fund Investors: 58

Crude oil and natural gas exploration company Hess Corp (NYSE:HES) is one of the best oil stocks to buy for 2024.

Insider Monkey’s database of 910 hedge funds shows that 58 hedge funds had stakes in Hess Corp (NYSE:HES). The biggest stakeholder of Hess Corp (NYSE:HES) was Ben Jacobs’ Anomaly Capital Management which owns an $184 million stake in Hess Corp (NYSE:HES).

Like Exxon Mobil Corp (NYSE:XOM),  Occidental Petroleum Corp (NYSE:OXY) and Chevron Corporation (NYSE:CVX), Hess is one of the to oil stocks to buy according to hedge funds.

Click to continue reading and see 5 Best Oil Stocks to Buy for 2024.

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Disclosure: None. 12 Best Oil Stocks to Buy for 2024 is originally published on Insider Monkey.

The $250 Trillion AI Hype is Real. A few years from now, you’ll probably wish you’d bought this stock.

When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard.

Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences.

At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000.

Do the math. According to Musk, this technology could be worth $250 trillion by 2040.

Put another way, that’s roughly equal to:

  • 175 Teslas
  • 107 Amazons
  • 140 Metas
  • 84 Googles
  • 65 Microsofts
  • And 55 Nvidias

And here’s the wild part — this $250 trillion wave isn’t tied to one company, but to an entire ecosystem of AI innovators set to reshape the global economy.

It’s a leap so massive, it could reshape how businesses, governments, and consumers operate worldwide.

Even if that $250 trillion figure sounds ambitious, major firms like PwC and McKinsey still see AI unlocking multi-trillion-dollar potential.

How could anything be worth that much?

The answer lies in a breakthrough so powerful it’s redefining how humanity works, learns, and creates.

And this breakthrough has already set off a frenzy among hedge funds and Wall Street’s top investors.

What most investors don’t realize is that one under-owned company holds the key to this $250 trillion revolution.

In fact, Verge argues this company’s supercheap AI technology should concern rivals.

Before I reveal the details, let’s talk about how some of the richest people on the planet are positioning themselves.

  • Bill Gates sees artificial intelligence as the “biggest technological advance in my lifetime,” more transformative than the internet or personal computer, capable of improving healthcare, education, and addressing climate change.
  • Larry Ellison — through Oracle, is spending billions on Nvidia chips and partnering with Cohere to embed generative AI across Oracle’s cloud and apps.
  • Warren Buffett — not known for tech hype — says this breakthrough could have a ‘hugely beneficial social impact.

When billionaires from Silicon Valley to Wall Street line up behind the same idea — you know it’s worth paying attention to.

Even as we admire what Tesla, Nvidia, Alphabet, and Microsoft have built, we believe an even greater opportunity lies elsewhere…

But the real story isn’t Nvidia — it’s a much smaller company quietly improving the critical technology that makes this entire revolution possible.

And judging by what I’m hearing from both Silicon Valley insiders and Wall Street veterans…

This prediction might not be bold at all:

A few years from now, you’ll wish you’d owned this stock.

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AI, Tariffs, Nuclear Power: One Undervalued Stock Connects ALL the Dots (Before It Explodes!)

Artificial intelligence is the greatest investment opportunity of our lifetime. The time to invest in groundbreaking AI is now, and this stock is a steal!

AI is eating the world—and the machines behind it are ravenous.

Each ChatGPT query, each model update, each robotic breakthrough consumes massive amounts of energy. In fact, AI is already pushing global power grids to the brink.

Wall Street is pouring hundreds of billions into artificial intelligence—training smarter chatbots, automating industries, and building the digital future. But there’s one urgent question few are asking:

Where will all of that energy come from?

AI is the most electricity-hungry technology ever invented. Each data center powering large language models like ChatGPT consumes as much energy as a small city. And it’s about to get worse.

Even Sam Altman, the founder of OpenAI, issued a stark warning:

“The future of AI depends on an energy breakthrough.”

Elon Musk was even more blunt:

“AI will run out of electricity by next year.”

As the world chases faster, smarter machines, a hidden crisis is emerging behind the scenes. Power grids are strained. Electricity prices are rising. Utilities are scrambling to expand capacity.

And that’s where the real opportunity lies…

One little-known company—almost entirely overlooked by most AI investors—could be the ultimate backdoor play. It’s not a chipmaker. It’s not a cloud platform. But it might be the most important AI stock in the US owns critical energy infrastructure assets positioned to feed the coming AI energy spike.

As demand from AI data centers explodes, this company is gearing up to profit from the most valuable commodity in the digital age: electricity.

The “Toll Booth” Operator of the AI Energy Boom

  • It owns critical nuclear energy infrastructure assets, positioning it at the heart of America’s next-generation power strategy.
  • It’s one of the only global companies capable of executing large-scale, complex EPC (engineering, procurement, and construction) projects across oil, gas, renewable fuels, and industrial infrastructure.
  • It plays a pivotal role in U.S. LNG exportation—a sector about to explode under President Trump’s renewed “America First” energy doctrine.

Trump has made it clear: Europe and U.S. allies must buy American LNG.

And our company sits in the toll booth—collecting fees on every drop exported.

But that’s not all…

As Trump’s proposed tariffs push American manufacturers to bring their operations back home, this company will be first in line to rebuild, retrofit, and reengineer those facilities.

AI. Energy. Tariffs. Onshoring. This One Company Ties It All Together.

While the world is distracted by flashy AI tickers, a few smart investors are quietly scooping up shares of the one company powering it all from behind the scenes.

AI needs energy. Energy needs infrastructure.

And infrastructure needs a builder with experience, scale, and execution.

This company has its finger in every pie—and Wall Street is just starting to notice.

Wall Street is noticing this company also because it is quietly riding all of these tailwinds—without the sky-high valuation.

While most energy and utility firms are buried under mountains of debt and coughing up hefty interest payments just to appease bondholders…

This company is completely debt-free.

In fact, it’s sitting on a war chest of cash—equal to nearly one-third of its entire market cap.

It also owns a huge equity stake in another red-hot AI play, giving investors indirect exposure to multiple AI growth engines without paying a premium.

And here’s what the smart money has started whispering…

The Hedge Fund Secret That’s Starting to Leak Out

This stock is so off-the-radar, so absurdly undervalued, that some of the most secretive hedge fund managers in the world have begun pitching it at closed-door investment summits.

They’re sharing it quietly, away from the cameras, to rooms full of ultra-wealthy clients.

Why? Because excluding cash and investments, this company is trading at less than 7 times earnings.

And that’s for a business tied to:

  • The AI infrastructure supercycle
  • The onshoring boom driven by Trump-era tariffs
  • A surge in U.S. LNG exports
  • And a unique footprint in nuclear energy—the future of clean, reliable power

You simply won’t find another AI and energy stock this cheap… with this much upside.

This isn’t a hype stock. It’s not riding on hope.

It’s delivering real cash flows, owns critical infrastructure, and holds stakes in other major growth stories.

This is your chance to get in before the rockets take off!

Disruption is the New Name of the Game: Let’s face it, complacency breeds stagnation.

AI is the ultimate disruptor, and it’s shaking the foundations of traditional industries.

The companies that embrace AI will thrive, while the dinosaurs clinging to outdated methods will be left in the dust.

As an investor, you want to be on the side of the winners, and AI is the winning ticket.

The Talent Pool is Overflowing: The world’s brightest minds are flocking to AI.

From computer scientists to mathematicians, the next generation of innovators is pouring its energy into this field.

This influx of talent guarantees a constant stream of groundbreaking ideas and rapid advancements.

By investing in AI, you’re essentially backing the future.

The future is powered by artificial intelligence, and the time to invest is NOW.

Don’t be a spectator in this technological revolution.

Dive into the AI gold rush and watch your portfolio soar alongside the brightest minds of our generation.

This isn’t just about making money – it’s about being part of the future.

So, buckle up and get ready for the ride of your investment life!

Act Now and Unlock a Potential 100+% Return within 12 to 24 months.

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For a ridiculously low price of just $9.99 per month, you can unlock our in-depth investment research and exclusive insights – that’s less than a single fast food meal!

Space is Limited! Only 1000 spots are available for this exclusive offer. Don’t let this chance slip away – subscribe to our Premium Readership Newsletter today and unlock the potential for a life-changing investment.

Here’s what to do next:

1. Head over to our website and subscribe to our Premium Readership Newsletter for just $9.99.

2. Enjoy a month of ad-free browsing, exclusive access to our in-depth report on the Trump tariff and nuclear energy company as well as the revolutionary AI-robotics company, and the upcoming issues of our Premium Readership Newsletter.

3. Sit back, relax, and know that you’re backed by our ironclad 30-day money-back guarantee.

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