5 Best Oil Stocks To Buy According To Hedge Funds

4. ConocoPhillips (NYSE:COP)

Number of Hedge Fund Holders: 50    

ConocoPhillips (NYSE:COP) is a Texas-based firm that explores for and produces natural gas and oil. It is placed fourth on our list of 10 best oil stocks to buy according to hedge funds.

On September 24, investment advisory Raymond James maintained a Strong Buy rating on ConocoPhillips (NYSE:COP) stock and raised the price target to $90 from $80. John Freeman, an analyst at the advisory, issued the ratings update. 

At the end of the second quarter of 2021, 50 hedge funds in the database of Insider Monkey held stakes worth $1.1 billion in ConocoPhillips (NYSE:COP), down from 51 in the previous quarter worth $1.2 billion.

In its Q1 2021 investor letter, ClearBridge Investments highlighted a few stocks and ConocoPhillips (NYSE:COP) was one of them. Here is what the fund said:

“While reducing in health care and consumer staples, we increased our exposure to high-quality names in economically sensitive areas of the market. We added to low-cost, high-quality energy names (including) ConocoPhillips. We are positive on the company’s strong balance sheets, competitive positions and exposure to an economic recovery.”