5 Best Crude Oil Stocks To Buy As Tensions Rise

In this article, we discuss the 5 best crude oil stocks to buy as tensions rise. To read the detailed analysis of the crude oil market, go directly to the 11 Best Crude Oil Stocks To Buy As Tensions Rise.

5. Chesapeake Energy Corporation (NASDAQ:CHK)

Number of Hedge Fund Holders: 58

Chesapeake Energy Corporation (NASDAQ:CHK) is an Oklahoma-based oil and gas exploration company. A significant portion of the company’s reserves includes crude oil. However, the company is slowly divesting its crude oil assets to focus more on natural gas. On February 21, Chesapeake Energy Corporation (NASDAQ:CHK) announced the sale of a part of its Eagle Ford oil assets for $1.4 billion to INEOS Energy. The company has already sold around $1.425 billion worth of its Eagle Ford oil assets before.

Out of 10 analysts that have covered Chesapeake Energy Corporation (NASDAQ:CHK)’s stock in the last three months, 8 of them keep a Buy or Outperform rating on the company stock and 2 of them maintain a Hold rating. The average price target of Chesapeake Energy Corporation (NASDAQ:CHK) currently stands at $117.20 which represents an over 58% upside to the current price target of $74 at the time of writing.

In the fourth quarter of 2022, Chesapeake Energy Corporation (NASDAQ:CHK) was a part of 58 hedge fund portfolios, down from 70 in the previous 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.”