5 Best Crude Oil Stocks To Buy Today

2. ConocoPhillips (NYSE:COP)

Number of Hedge Fund Holders: 56

ConocoPhillips’ (NYSE:COP) price target was upgraded by Keybanc analysts to $106 from $98 on March 3 and kept an Overweight rating on the shares. Meanwhile, according to Insider Monkey data, more hedge funds saw ConocoPhillips’ (NYSE:COP) growth prospects in Q4 2021, with 56 funds holding stakes in the independent exploration and production company, up from 49 elite funds in Q3 2021.

The Texas-based crude oil producer closed in 2021 with a full-year production of 1.6 million barrels per day. ConocoPhillips (NYSE:COP) also outperformed analysts’ estimates, reporting earnings per share of $2.27 in the fourth quarter of 2021. The leading independent E&P firm announced a $7.2 billion capital budget for its operations in 2022. In the previous year, shares of ConocoPhillips (NYSE:COP) jumped 80.3%, as of March 7. 

ConocoPhillips (NYSE:COP) completed its $9.5 billion acquisition of Shell Enterprises LLC’s approximately 225,000 net acres asset in the Delaware Basin, which includes 600 miles of operated crude, gas, and water pipelines and infrastructure, in December.