5 Best Energy Stocks To Invest In According to Hedge Funds

In this piece, we will take a look at the five best energy stocks to invest in according to hedge funds. If you want to learn more about the latest trends in the energy industry then read 13 Best Energy Stocks To Invest In According to Hedge Funds.

5. Schlumberger Limited (NYSE:SLB)

Number of Q3 2023 Hedge Fund Shareholders: 65

Schlumberger Limited (NYSE:SLB) is a backend oil and gas company that enables explorers and producers to conduct their business operations. It’s another highly rated stock on our list as the shares are rated Strong Buy on average. The average share price target is $68.

During Q3 2023, 65 out of the 910 hedge funds profiled by Insider Monkey had bought Schlumberger Limited (NYSE:SLB)’s shares. Rajiv Jain’s GQG Partners was the biggest shareholder due to its $2 billion investment.

4. Pioneer Natural Resources Company (NYSE:PXD)

Number of Q3 2023 Hedge Fund Shareholders: 67

Pioneer Natural Resources Company (NYSE:PXD) is a small oil and gas explorer headquartered in Irving, Texas. It’s another energy stock that is at the center of the latest trend in the energy industry that has seen large firms expand their presence through acquisition since the firm is on track to being bought by oil giant Exxon Mobil.

As of September 2023 end, 67 out of the 910 hedge funds polled by Insider Monkey were the firm’s shareholders. Pioneer Natural Resources Company (NYSE:PXD)’s largest investor in our database is Israel Englander’s Millennium Management as it holds a $353 million stake.

3. Chevron Corporation (NYSE:CVX)

Number of Q3 2023 Hedge Fund Shareholders: 72

Chevron Corporation (NYSE:CVX) is a diversified energy company operating in the petroleum industry. Like its rival and peer Exxon, Chevron Corporation (NYSE:CVX) is also heavily focusing on U.S. shale oil production and it plans to increase output this year.

For their third quarter of 2023 shareholdings, 72 out of the 910 hedge funds part of Insider Monkey’s database had invested in Chevron Corporation (NYSE:CVX). Warren Buffett’s Berkshire Hathaway was the biggest shareholder due to its $18.5 billion investment.

2. Occidental Petroleum Corporation (NYSE:OXY)

Number of Q3 2023 Hedge Fund Shareholders: 75

Occidental Petroleum Corporation (NYSE:OXY) is a sizeable American oil and gas company that explores, transports, and markets the fuel products. It’s been struggling on the financial front as of late since Occidental Petroleum Corporation (NYSE:OXY) has missed analyst EPS estimates in three of its four latest quarters.

After digging through 910 hedge fund portfolios for last year’s third quarter, Insider Monkey discovered that 75 had bought and owned the firm’s shares. Occidental Petroleum Corporation (NYSE:OXY)’s largest hedge fund investor is Warren Buffett’s Berkshire Hathaway as it owns 224 million shares that are worth $14.5 billion.

1. Exxon Mobil Corporation (NYSE:XOM)

Number of Q3 2023 Hedge Fund Shareholders: 79

Exxon Mobil Corporation (NYSE:XOM) is one of the biggest oil companies in the world, particularly in the private sector. The firm is creating a lot of controversy these days as its decision to sue climate activists is coming under fire from religious investors.

For their Q3 2023 shareholdings, 79 out of the 910 hedge funds covered by Insider Monkey’s research had held a stake in Exxon Mobil Corporation (NYSE:XOM). Jean-Marie Eveillard’s First Eagle Investment Management was the biggest shareholder since it owned $1.5 billion worth of shares.

Disclosure: None. You can also take a look at 10 Best Cheap Car Insurance in California for 2024 and 15 Best Blue Chip Dividend Stocks To Buy.

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