In this piece, we will take a look at the five best oil stocks to buy according to hedge funds. For more oil stocks, head on over to 15 Best Oil Stocks To Buy According To Hedge Funds.
5. Cheniere Energy, Inc. (NYSE:LNG)
Number of Hedge Fund Holders in Q4 2022: 64
Cheniere Energy, Inc. (NYSE:LNG) is a pureplay liquefied natural gas (LNG) company headquartered in Houston, Texas. The firm has terminals in Texas and Louisiana, alongside pipeline assets.
Cheniere Energy, Inc. (NYSE:LNG) has entered into a lucrative contract with Canada’s largest natural gas producer to buy natural gas for liquefaction through a massive 3,000 mile pipeline. 64 of the 943 hedge funds polled by Insider Monkey during Q4 2022 had held a stake in the company.
Cheniere Energy, Inc. (NYSE:LNG)’s largest investor is Jim Simons’ Renaissance Technologies which owns 1.8 million shares that are worth $275 million.
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Follow Cheniere Energy Inc. (NYSEMKT:LNG)
4. ConocoPhillips (NYSE:COP)
Number of Hedge Fund Holders in Q4 2022: 67
ConocoPhillips (NYSE:COP) is a diversified oil and gas company that explores, produces, transports, and markets the products. It is based in Houston, Texas.
ConocoPhillips (NYSE:COP) scored a big win in February 2023 when its plan to drill for oil at five Alaskan sites received unanimous approval from the state’s legislature. Insider Monkey took a look at 943 hedge fund portfolios for last year’s fourth quarter to determine that 67 had bought its shares.
Ken Fisher’s Fisher Asset Management is ConocoPhillips (NYSE:COP)’s largest hedge fund shareholder. It owns 6.9 million shares that are worth $814 million.
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Follow Conocophillips (NYSE:COP)
3. Schlumberger Limited (NYSE:SLB)
Number of Hedge Fund Holders in Q4 2022: 67
Schlumberger Limited (NYSE:SLB) is an American company that provides different services such as oil field development, oil production, drilling, and reserves evaluation. The firm is based in Houston, Texas.
By the end of last year’s December quarter, 67 of the 943 hedge funds polled by Insider Monkey had held a stake in the firm.
Schlumberger Limited (NYSE:SLB)’s largest investor is Jean-Marie Eveillard’s First Eagle Investment Management which owns 27 million shares that are worth $1.4 billion.
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Follow Schlumberger Limited (NYSE:SLB)
2. Occidental Petroleum Corporation (NYSE:OXY)
Number of Hedge Fund Holders in Q4 2022: 71
Occidental Petroleum Corporation (NYSE:OXY) is a diversified energy company that explores, produces, transports, and markets crude oil and related products. The firm is based in Houston, Texas.
Occidental Petroleum Corporation (NYSE:OXY)’s subsidiary 1PointFive entered into an agreement with the Houston Texans to sell carbon credits from its air capture plant to bring down the team’s emissions during air travel to away games. As of Q4 2022, 71 of the 943 hedge funds researched by Insider Monkey had invested in the company.
Warren Buffett’s Berkshire Hathaway is Occidental Petroleum Corporation (NYSE:OXY)’s largest hedge fund shareholder in our database. It owns 194 million shares that are worth $12 billion.
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Follow Occidental Petroleum Corp (NYSE:OXY)
1. Exxon Mobil Corporation (NYSE:XOM)
Number of Hedge Fund Holders in Q4 2022: 79
Exxon Mobil Corporation (NYSE:XOM) is the world’s biggest private oil company in terms of revenue, and one that operates from the field to the pump. It is headquartered in Irving, Texas.
Exxon Mobil Corporation (NYSE:XOM) is busy diversifying its business, as the firm announced in February 2023 that it will sell ammonia from a low carbon hydrogen producing facility in Texas. 79 of the 943 hedge funds polled by Insider Monkey held stakes in the firm during 2022’s final quarter.
Out of these, Rajiv Jain’s GQG Partners is Exxon Mobil Corporation (NYSE:XOM)’s largest shareholder with a $3.6 billion stake that comes via 32 million shares.
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Follow Exxon Mobil Corp (NYSE:XOM)
Disclosure: None. You can also take a peek at 12 Most Promising Solar Stocks According to Analysts and 11 High Growth Energy Stocks to Buy.
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