5 Best Oil Stocks Under $20

In this piece, we will take a look at the five best oil stocks under $20. If you want to skip our analysis of the oil industry, recent trends, and the bottom five stocks in this list, then head on over to 10 Best Oil Stocks Under $20.

5. Cenovus Energy Inc. (NYSE:CVE)

Number of Hedge Fund Investors in Q1 2023: 36

Cenovus Energy Inc. (NYSE:CVE) is a Canadian oil and gas company with operations in its home country, the U.S., and in China. During the previous quarter, the firm had to face a tumultuous time as it dealt with restarting production in the aftermath of wildfires in Canada.

36 of the 943 hedge funds surveyed by Insider Monkey had held Cenovus Energy Inc. (NYSE:CVE)’s shares in Q1 2023. Out of these, the firm’s largest investor is Eric W. Mandelblatt’s Soroban Capital Partners through its 34 million shares that are worth $596 million.

4. TechnipFMC plc (NYSE:FTI)

Number of Hedge Fund Investors in Q1 2023: 37

TechnipFMC plc (NYSE:FTI) is a British company with a global operations base that sees it provide a wide variety of products and support services to oil and gas production firms. It is the only stock on our list that has been rated a Strong Buy on average, and it won a big contract in June for providing subsea oil production systems in offshore Angola.

As of March 2023, 37 of the 943 hedge funds polled by Insider Monkey had invested in TechnipFMC plc (NYSE:FTI). Out of these, the firm’s largest shareholder is John Overdeck and David Siegel’s Two Sigma Advisors through a $108 million investment.

3. Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR)

Number of Hedge Fund Investors in Q1 2023: 39

Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) is a state owned oil and gas production company that is Brazil’s largest producer and plays an important role in the country’s economy and politics. Analyst sentiment in the stock has been shifting towards Hold as of late, but the average rating is still a Buy.

Insider Monkey dug through 943 hedge funds for their first quarter of 2023 investments to discover that 39 had bought and owned the firm’s shares. Rajiv Jain’s GQG Partners is Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR)’s largest investor through a stake worth $2.2 billion.

2. Southwestern Energy Company (NYSE:SWN)

Number of Hedge Fund Investors in Q1 2023: 42

Southwestern Energy Company (NYSE:SWN) is an oil and gas producer and has operations in three U.S. states. Its shares are rated Buy on average but the sentiment seems to be shifting towards Hold.

42 of the 943 hedge funds part of Insider Monkey’s database had invested in Southwestern Energy Company (NYSE:SWN) during this year’s first quarter. Out of these, the largest investor is D. E. Shaw’s D E Shaw through a $155 million investment.

1. Transocean Ltd. (NYSE:RIG)

Number of Hedge Fund Investors in Q1 2023: 44

Transocean Ltd. (NYSE:RIG) is a backend oil and gas firm that provides drilling rigs to exploration and production firms. Analyst sentiment has soared in the stock in July, with nearly as many Buy and Strong Buy ratings in July as all ratings combined in June.

After sifting through 943 hedge funds to look at their March quarter of 2023 shareholdings, Insider Monkey discovered that 44 had owned Transocean Ltd. (NYSE:RIG)’s shares. Stephen Mildenhall’s Contrarius Investment Management is the largest shareholder, courtesy of its $181 million stake.

Disclosure: None. You can also take a look at 16 Biggest Offshore Oil Rig Companies in the U.S. and 15 Largest Oil Fields in the World.

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