In this article, we discuss 5 cheap oil stocks to buy today. If you want to read our detailed analysis of these stocks, go directly to 10 Cheap Oil Stocks to Buy Today.
5. BP p.l.c. (NYSE:BP)
Number Of Hedge Fund Holders: 27
Share Price as of July 28: $28.47
BP p.l.c. (NYSE:BP) is a London-based energy firm which offers biofuels, natural gas, and de-carbonization solutions and services, along with solar and wind power generation facilities.
On July 20, CGG announced a major multi-year global data transformation and curation agreement with BP p.l.c. (NYSE:BP), that will play a key role in supporting BP’s Subsurface digital strategy. Piper Sandler analyst Ryan Todd raised the price target on BP p.l.c. (NYSE:BP) to $44 from $42 and kept an Overweight rating on the shares. According to the analyst, the setup for the stocks is “increasingly attractive into the quarter on account of recession fears having taken a toll on both refining and integrated oil stocks.
As of the end of the first quarter, 27 out of 900+ elite hedge funds tracked by Insider Monkey held positions in BP p.l.c. (NYSE:BP) with a combined value of $1.86 billion. In comparison, 26 hedge funds held combined stakes worth $1.2 billion in the energy firm a quarter ago. Boston-based investment firm Arrowstreet Capital was the largest shareholder of BP p.l.c. (NYSE:BP) in Q1 2022 with 25.56 million shares valued at more than $751.63 million.