5 Best Energy Stocks To Buy For 2022

3. ConocoPhillips (NYSE:COP)

Number of Hedge Fund Holders: 49    

ConocoPhillips (NYSE:COP) engages in oil and gas exploration and production. The stock has several near-term growth catalysts, including a variable dividend policy, the surge in the share price of natural gas firm Cenovus, and the contingency payments that Conoco expects from Cenovus in the coming months as gas prices register new highs. ConocoPhillips (NYSE:COP) has a large stake in Cenovus. Truist analyst Neal Dingmann recently raised the price target on ConocoPhillips (NYSE:COP) stock to $111 from $100 and kept a Buy rating. 

Hedge funds are also bullish on ConocoPhillips (NYSE:COP) as a new fiscal year gets underway. At the end of the third quarter of 2021, 49 hedge funds in the database of Insider Monkey held stakes worth $1.3 billion in ConocoPhillips (NYSE:COP). 

In its Q1 2021 investor letter, ClearBridge Investments highlighted a few stocks and ConocoPhillips (NYSE:COP) was one of them. Here is what the fund said:

“While reducing in health care and consumer staples, we increased our exposure to high-quality names in economically sensitive areas of the market. We added to low-cost, high-quality energy names (including) ConocoPhillips. We are positive on the company’s strong balance sheets, competitive positions and exposure to an economic recovery.”