5 Best Energy Stocks to Buy Now

4. ConocoPhillips (NYSE: COP)

Number of Hedge Fund Holders: 51

ConocoPhillips (NYSE: COP) is an energy company working in the exploration, production, transport, and marketing of crude oil, bitumen, natural gas, LNG, and natural gas liquids across the world. The stock ranks 4th on our list of the best energy stocks to buy now.

This July, ConocoPhillips’s (NYSE: COP) price target was raised from $63 to $77 at Truist, with the firm retaining its Buy rating on the stock. BMO Capital has also raised its price target on the shares to $76, with their Outperform rating. Analyst Phillip Jungwirth has commented that the company’s market presentation was “positive” and he has increased his financial year 2021 EPS view for ConocoPhillips (NYSE: COP) to $4.32, while the financial year 2022 view has been raised to $5.95.

In the first quarter of 2021, ConocoPhillips (NYSE: COP) had an EPS of $0.69, beating estimates by $0.15. The company’s revenue was $10.56 billion, up 119.48% year over year and beating estimates by $2.29 billion, and it has a gross profit margin of 36.53%. The stock has gained 30.53% in the past 6 months and 49.63% year to date.

As of the end of the first quarter of 2021, 51 hedge funds held stakes in ConocoPhillips (NYSE: COP) worth roughly $1.20 billion. This is compared to 49 hedge funds in the previous quarter with a total stake value of approximately $687 million.

ClearBridge Investments, an investment management firm, mentioned ConocoPhillips (NYSE: COP) in its first-quarter 2021 investor letter. Here’s what they 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.”