5 Best Energy Stocks to Buy Now

2. ConocoPhillips (NYSE:COP)

Number of Hedge Fund Holders: 71

ConocoPhillips (NYSE:COP) is a global explorer, producer, transporter, and seller of crude oil, natural gas, LNG, and bitumen. The firm has assets in North America, Europe, Australia, and Asia. It is headquartered in Houston, Texas, United States.

ConocoPhillips (NYSE:COP) scored a big win during its second quarter when it managed to acquire a stake in QatarEnergy’s LNG business. QatarEnergy is one of the world’s largest LNG producers, and the demand for this fuel is expected to rise in the coming months due to European requirements for power and heat during the winter. Roughly 37% of ConocoPhillips (NYSE:COP)’s 6.1 billion barrels of oil equivalent (boe) reserves are priced at Brent crude oil prices, indicating that there is a potential huge inflow of cash waiting for it in the future. Finally, the firm also pays out a $1.11 dividend for a 3.96% yield.

MKM Partners increased ConocoPhillips (NYSE:COP)’s share price target to $118 from $110 in August 2022, as it shared that high natural gas prices and robust LNG demand will bode well for the company. Insider Monkey’s 895 Q2 2022 hedge fund survey saw 71 investors in the company.

Out of these, Ken Fisher’s Fisher Asset Management is ConocoPhillips (NYSE:COP)’s largest shareholder. It owns 6.7 million shares that are worth $607 million.