5 Best Large Cap Energy Stocks to Buy Now

4. ConocoPhillips (NYSE:COP)

Number of Hedge Fund Holders: 65

ConocoPhillips (NYSE:COP) is one of the world’s largest independent E&P companies based on oil and natural gas production and proved reserves.

On March 12, Piper Sandler bumped its price target on ConocoPhillips (NYSE:COP) from $111 to $154, while maintaining an ‘Overweight’ rating on the shares. The target adjustment, which indicates an upside potential of over 26% from the current share price, comes as the analyst firm revised its estimates following a $5 per barrel increase in its mid-cycle WTI price forecast amid the US/Iran war.

Piper Sandler sees the war having lasting supply impacts on the global energy market, with projections of 2026 crude balances to tighten by about 2 million barrels per day compared to prior expectations. The firm expects the tightening supply, paired with soaring prices, to incentivize increased investments in production.

ConocoPhillips (NYSE:COP) is targeting an output of 2.23 million – 2.26 million barrels of oil equivalent per day in 2026, with first-quarter production expected between 2.3 – 2.34 million barrels per day.