5 Best Energy Stocks To Invest In According to Analysts

2. ConocoPhillips (NYSE:COP)

Average Analyst Price Target as of April 11: $134.25

Average Upside Potential as of April 11: 25.61%

Number of Hedge Fund Holders: 67

This April, Truist raised its price target on ConocoPhillips (NYSE:COP) to $167 from $151 and reiterated a Buy rating on the shares. As of April 11, the stock has gained 6.75% over the past 12 months.

ConocoPhillips (NYSE:COP) has received 12 Buy ratings and 4 Hold ratings from Wall Street analysts over the past 3 months and has a consensus Strong Buy rating. The stock has an average price target of $134.25, as of April 11, and has an average upside potential of 25.61%. ConocoPhillips (NYSE:COP) is one of the best energy stocks to buy now.

At the end of the fourth quarter of 2022, 67 hedge funds were eager on ConocoPhillips (NYSE:COP) and held stakes worth $2.98 billion in the company.  Of those, Diamond Hill Capital was the leading shareholder and held a position worth $650.5 million.

Here is what ClearBridge Investments had to say about ConocoPhillips (NYSE:COP) in its Q4 2022 investor letter:

“The risk-on environment supported by China reopening drove strong returns for the energy sector, despite underlying commodity prices falling from recent highs. In the portfolio, leading E&P company ConocoPhillips (NYSE:COP) was again among the top contributors; it maintains one of the best balance sheets in the industry and continues to execute well while benefiting from being a low-cost producer and growing liquefied natural gas demand. ConocoPhillips is also investing in field electrification and carbon capture across its portfolio, with ambitions to deliver oil production with industry-low CO2 intensity.”