In this article, we will discuss 13 Best Crude Oil Stocks to Buy According to Analysts.
When it comes to crude oil stocks, billionaires and hedge fund managers aren’t chasing hype; they’re chasing cash flow, scarcity, and pricing power. In a market often dominated by fast-moving narratives around artificial intelligence and high-growth technology, oil remains one of the few sectors where investors can still buy companies backed by hard assets, real earnings, and immediate shareholder returns. For the smart money, that combination is difficult to ignore.
Unlike many speculative themes, oil does not need a distant breakthrough to justify investment. It already powers transportation, manufacturing, aviation, and large parts of the global economy. More importantly for investors, many leading producers generate billions in free cash flow, which can be returned through dividends and aggressive share buybacks. That helps explain why Warren Buffett has built major exposure to Occidental Petroleum while also maintaining stakes in Chevron. These are not speculative bets—they are investments in durable businesses producing real profits today.
Another powerful theme attracting hedge funds is underinvestment. Years of ESG pressure and cautious capital spending have limited new supply growth, even as global demand has remained resilient. Investors in the mold of David Tepper and Paul Tudor Jones often focus on exactly these kinds of supply-demand imbalances, where constrained production can translate into stronger commodity prices and expanding margins.
Oil also carries macro appeal. During periods of inflation, war, or geopolitical uncertainty, crude prices can rise sharply, making energy stocks a natural hedge when broader portfolios come under pressure.
The bottom line? Oil stocks may lack the glamour of emerging tech, but they offer something many fashionable sectors cannot: tangible assets, disciplined capital returns, and direct leverage to one of the world’s most essential commodities. For hedge funds seeking value with upside, that remains a compelling formula.
With this context in mind, here is a list of 13 best crude oil stocks to buy according to analysts.
Our Methodology
We used screeners to identify the largest crude oil stocks and limited our final selection to companies that have recently reported noteworthy developments likely to impact investor sentiment. These stocks are also popular among analysts and elite hedge funds.
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 498.7% since May 2014, beating its benchmark by 303 percentage points (see more details here).
13 Best Crude Oil Stocks to Buy According to Analysts
13. W&T Offshore, Inc. (NYSE:WTI)
On April 17, William Blair initiated coverage of W&T Offshore, Inc. (NYSE:WTI) with an Outperform rating, highlighting a business model that differentiates the company from many traditional offshore producers. The firm noted that W&T “takes virtually no operational risk” by emphasizing production uplift from existing projects and ramping output from acquired fields rather than pursuing expensive, high-risk offshore exploration drilling. That strategy can be especially attractive in volatile commodity environments because it allows the company to focus capital on known assets with established infrastructure, often generating faster payback periods and more predictable returns.
William Blair also said W&T continues to identify accretive acquisitions that add meaningful reserves with limited capital requirements, helping maximize production while preserving balance sheet flexibility. The firm projects 40% fair-value upside in the shares and suggested the stock could trade as high as $5 per share, implying approximately 74% upside from current levels.
Earlier, on March 16, pre-earnings options activity in W&T Offshore, Inc. (NYSE:WTI) was described as normal, though calls outpaced puts by a 6-to-1 margin. Implied volatility suggested the market was anticipating a move of roughly 11.9%, or 38 cents, following results. While options activity can be speculative, a call-heavy setup often signals growing bullish interest and expectations for positive operational or financial developments.
W&T Offshore, Inc. (NYSE:WTI), founded in 1983 and headquartered in Houston, Texas, is an independent oil and natural gas producer focused primarily on the Gulf of Mexico. The company acquires, develops, and optimizes offshore oil and gas properties, selling crude oil, natural gas liquids, and natural gas into U.S. energy markets.
12. Delek US Holdings, Inc. (NYSE:DK)
On April 13, Citi analyst Vikram Bagri raised the firm’s price target on Delek US Holdings, Inc. (NYSE:DK) to $44 from $33 and kept a Neutral rating on the shares, reflecting improving sentiment around refining fundamentals and company-specific execution. Just days earlier, on April 10, Goldman Sachs upgraded Delek US to Buy from Neutral with a $55 price target after assuming coverage. Goldman cited the company’s cost-reduction initiatives, small refinery exemptions, stronger marketing and wholesale execution, and growing logistics earnings as drivers of higher future free cash flow.
Those catalysts are important because Delek US Holdings, Inc. (NYSE:DK) has historically traded at a discount to larger peers, meaning successful execution could create meaningful upside through both earnings growth and multiple expansion. The market often rewards refiners that improve operational efficiency while diversifying into fee-based logistics cash flow, and Delek appears to be making progress on both fronts.
Delek US Holdings, Inc. (NYSE:DK), founded in 2001 and headquartered in Brentwood, Tennessee, is a diversified downstream energy company focused on petroleum refining, logistics, and asphalt. Its refineries in Texas, Arkansas, Louisiana, and other strategic regions produce gasoline, diesel, jet fuel, and related products serving domestic demand centers. Through logistics assets and pipelines, the company also captures midstream value beyond refining margins alone.
11. Par Pacific Holdings, Inc. (NYSE:PARR)
On April 10, Goldman Sachs upgraded Par Pacific Holdings, Inc. (NYSE:PARR) to Buy from Neutral and raised its price target to $77 from $53. The firm expects strong positive estimate revisions driven by earnings strength in Hawaii and what it described as underappreciated mainland refining assets. Goldman also highlighted the integrated nature of Par Pacific’s business model, which it believes can generate more stable cash flow during volatile macro conditions.
Two days earlier, JPMorgan raised its price target on Par Pacific Holdings, Inc. (NYSE:PARR) to $77 from $48 and maintained an Overweight rating. The bank expects refiners to benefit from significant tailwinds as crack spreads improve following the Iran conflict. Importantly, JPMorgan specifically noted that Par Pacific’s Hawaii exposure positions it to benefit from tightening fuel markets in the Singapore region, giving the company a unique earnings advantage versus many domestic-only peers.
Par Pacific Holdings, Inc. (NYSE:PARR), originally incorporated in 1984 and formerly known as Par Petroleum Corporation, operates a diversified portfolio spanning refining, logistics, marketing, and retail. Its footprint across Hawaii, the Pacific Northwest, and the Rocky Mountain region gives it access to geographically distinct markets with supply advantages and attractive niche dynamics.
10. CVR Energy, Inc. (NYSE:CVI)
On April 10, Goldman Sachs initiated coverage of CVR Energy, Inc. (NYSE:CVI) with a Sell rating and $30 price target, noting that management may remain focused on debt reduction and potential acquisitions before fully reinstating dividends. While cautious in tone, the report still acknowledged that capital structure improvement remains a central theme for the company. For investors willing to look beyond near-term skepticism, balance-sheet repair can often become the foundation for future equity upside.
Earlier, on March 25, Raymond James upgraded CVR Energy, Inc. (NYSE:CVI) to Market Perform from Underperform. The firm said the company’s refining portfolio is positioned to perform in a strong margin environment and noted improving macro fundamentals. Raymond James also suggested the stock may have bottomed, with peer-level performance becoming more achievable as execution improves.
CVR Energy, Inc. (NYSE:CVI) is a diversified holding company focused on petroleum refining and nitrogen fertilizer manufacturing. Headquartered in Sugar Land, Texas, and formally incorporated in 2006, the company operates two complex crude refineries in Coffeyville, Kansas, and Wynnewood, Oklahoma. It also owns fertilizer operations that provide an additional earnings stream tied to agricultural demand rather than solely fuel markets.
9. PBF Energy Inc. (NYSE:PBF)
On April 10, Goldman Sachs initiated coverage of PBF Energy Inc. (NYSE:PBF) with a Neutral rating and $49 price target, highlighting the company’s strong exposure to tightening West Coast refining dynamics. The firm noted that a key variable remains the restart of Martinez, which represents roughly half of PBF’s West Coast footprint. If operations normalize successfully, that asset alone could materially strengthen earnings power.
Earlier, on April 2, BMO Capital raised its price target on PBF Energy Inc. (NYSE:PBF) to $50 from $43 and maintained a Market Perform rating. While first-quarter forecasts were tempered by operational downtime and capture headwinds, BMO emphasized that second-quarter conditions appear stronger, with PBF better positioned to capitalize on higher crack spreads.
PBF Energy Inc. (NYSE:PBF), founded in 2008 and headquartered in Parsippany, New Jersey, is one of North America’s major independent refiners. The company operates a broad refining and logistics network that supplies gasoline, diesel, jet fuel, and other petroleum products across several important U.S. markets. Its scale and geographic reach provide leverage to shifts in regional fuel pricing and supply conditions.
What makes PBF Energy Inc. (NYSE:PBF) appealing as a stock is its ability to improve refining margins. Independent refiners can see earnings rise rapidly when crack spreads expand, and PBF has meaningful exposure to some of the most capacity-constrained markets in the country. If Martinez returns smoothly and West Coast margins remain elevated, earnings estimates may continue moving higher. For investors seeking cyclical upside with tangible asset backing and strong cash flow potential, PBF Energy remains an intriguing refining opportunity.
8. Imperial Oil Limited (NYSE AMERICAN:IMO)
On April 7, BMO Capital raised the firm’s price target on Imperial Oil Limited (NYSE AMERICAN:IMO) to C$185 from C$129 and kept a Market Perform rating on the shares as part of a broader research note updating energy-sector models to reflect the impact of the Iran conflict and continued oversupply in the North American natural gas market. The firm noted that oil and equity markets remain highly sensitive to geopolitical developments, with downside scenarios pointing to normalized crude prices and upside scenarios implying materially higher prices if supply disruptions persist. For a company like Imperial Oil, which combines upstream production with refining and downstream operations, volatility in commodity markets can create multiple earnings tailwinds across business segments.
Earlier, on March 27, Morgan Stanley raised its price target on Imperial Oil Limited (NYSE AMERICAN:IMO) to C$140 from C$98 and maintained an Equal Weight rating. The bank highlighted that oil, LNG, and refining margins had climbed to their strongest levels since 2022, while its updated commodity assumptions significantly lifted projected EBITDA across North American energy names. That backdrop is especially relevant for Imperial Oil, whose integrated model allows it to benefit not only from higher crude realizations but also from stronger refining economics and resilient fuel demand.
Imperial Oil Limited (NYSE AMERICAN:IMO) is a Canadian energy company, founded in 1880 and headquartered in Calgary, Alberta. Majority-owned by Exxon Mobil, the company benefits from world-class technical expertise, operational discipline, and financial backing while maintaining a distinct Canadian asset base. Imperial holds interests in major oil sands projects, conventional production assets, and an extensive refining and retail network. That combination gives it scale, diversification, and stable cash-generating capacity.
7. Suncor Energy Inc. (NYSE:SU)
On April 9, Wells Fargo lowered its price target on Suncor Energy Inc. (NYSE:SU) to C$96 from C$97 while maintaining an Equal Weight rating. The firm also noted that, as seen in 2022, a mid-cycle correction in oil prices could create an attractive entry point for advantaged energy stocks. That comment is particularly relevant for Suncor, which owns long-life oil sands assets that can become highly profitable in stable pricing environments.
Earlier, on April 5, Morgan Stanley raised its price target on Suncor Energy Inc. (NYSE:SU) to C$92 from C$86 and maintained an Equal Weight rating, citing improved growth and greater visibility following the company’s investor day. Higher visibility often matters significantly for institutional investors, especially in cyclical sectors like energy.
Suncor Energy Inc. (NYSE:SU) is a Calgary-based integrated energy company and Canada’s leading producer of bitumen and synthetic crude from the Athabasca oil sands. Founded in 1917 as Sun Company of Canada, Suncor was a pioneer in the oil sands industry and launched the first commercial oil sands development in 1967. Today, it combines upstream production with refining and retail operations, creating a more balanced earnings model.
6. Eni S.p.A. (NYSE:E)
On April 17, BNP Paribas upgraded Eni S.p.A. (NYSE:E) to Outperform from Neutral with a $64.30 price target. The firm said Eni has successfully delivered on strategic objectives over the past two years and has strong cash flow exposure to higher oil prices. That combination of operational execution and macro leverage makes the stock increasingly appealing in the current energy environment.
Earlier, on April 9, RBC Capital raised its price target on Eni S.p.A. (NYSE:E) to EUR 28 from EUR 24 while maintaining a Sector Perform rating. The upward revision suggests improving confidence in earnings potential and asset quality even among more neutral analysts.
Eni S.p.A. (NYSE:E) is an Italian multinational energy supermajor founded on February 10, 1953, and headquartered in Rome. The company operates in dozens of countries across oil and gas exploration, production, refining, petrochemicals, marketing, power generation, and renewable energy. It has also been active in developing biofuels, carbon capture, and sustainable mobility initiatives.
What distinguishes Eni S.p.A. (NYSE:E) is its balanced strategy. Unlike some European peers that moved too aggressively away from hydrocarbons, Eni has sought to maintain profitable legacy operations while building future energy platforms. It also owns attractive upstream assets, especially in Africa and the Mediterranean, where gas demand remains strategically important.
While we acknowledge the potential of E as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than E and that has 100x upside potential, check out our report about the cheapest AI stock.
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