5 Best Natural Gas Stocks to Buy Now

3. ConocoPhillips (NYSE:COP)

Number of Hedge Fund Holders: 72

ConocoPhillips (NYSE:COP) is a Texas-based oil and gas exploration and production company. On April 12, the company held an analyst and investor meeting in which the management revealed its 10-year plan, according to which it will position itself for the upcoming energy transition and expand its LNG business. In the 10-year forecast, ConocoPhillips (NYSE:COP) company also plans to have $115 billion of free cash flow for distributions.

In the first quarter of 2023, 72 hedge funds held ConocoPhillips’ (NYSE:COP) shares, up from 67 in the previous quarter. Eagle Capital Management held the largest stake in the company with over 7.9 million shares worth $786.509 million.

Oakmark Global Fund made the following comment about ConocoPhillips (NYSE:COP) in its Q1 2023 investor letter:

“ConocoPhillips (NYSE:COP) is one of the largest and lowest cost U.S. exploration and production companies in the country, led by CEO Ryan Lance—in our view one of the best value creators in the industry. ConocoPhillips’s share prices fell in the first quarter as oil prices receded, which is not atypical. We were buying the company at prices where it could generate its entire market cap in free cash flow over the next decade while growing the production such that at the end of that time, the base of production would be one-third higher. This sort of reinvestment opportunity is unique to ConocoPhillips and clearly not reflected in the current share price.”