5 Best American Oil Stocks To Buy Now

3. Chesapeake Energy Corporation (NYSE:CHK)

Number of Hedge Fund Holders: 70

Chesapeake Energy Corporation (NYSE:CHK) is one of the best American stocks to buy. Chesapeake Energy Corporation (NYSE:CHK) is also a natural gas giant and is expected to profit enormously amid the rising global natural gas demand. In October, Jefferies analyst Lloyd Byrne initiated coverage of Chesapeake with a Buy rating and $150 price target.

Chesapeake Energy Corporation (NYSE:CHK) is among the most popular oil stocks among the smart money. Of the 920 hedge funds tracked by Insider Monkey, 70 funds had stakes in Chesapeake Energy Corporation (NYSE:CHK), as of the end of the third quarter.

Carillon Tower Advisers made the following comment about Chesapeake Energy Corporation (NASDAQ:CHK) in its Q3 2022 investor letter:

“Chesapeake Energy Corporation (NASDAQ:CHK), a natural gas exploration and production company, emerged from bankruptcy with little fanfare in 2021, despite having rid itself of its debt burden and onerous pipeline contracts. The company was able to make two large acquisitions at very reasonable prices within its core producing areas, allowing for scale and cost savings. Then in 2022, natural gas prices began to rise well above expectations, increasing the value of Chesapeake’s large natural gas resources and production and contributing to its outperformance.”