5 Energy Stocks to Buy According to Billionaire Bruce Kovner’s Caxton Associates

3. ConocoPhillips (NYSE:COP)

Caxton Associates’ Stake Value: $2,718,000

Percentage of Caxton Associates’ 13F Portfolio: 0.30%

Number of Hedge Fund Holders: 49

Billionaire Bruce Kovner’s Caxton Associates acquired 40,100 ConocoPhillips (NYSE:COP) shares in the third quarter, worth $2.71 million, representing 0.30% of the firm’s 13F portfolio. ConocoPhillips (NYSE:COP) is a Texas-based multinational natural gas liquids company.

In the third quarter of 2021, ConocoPhillips (NYSE:COP) posted its financial results on November 2. The company announced earnings per share of $1.77, exceeding estimates by $0.25. ConocoPhillips (NYSE:COP)’s revenue increased 165.21% from the prior-year quarter, reaching $11.62 billion, surpassing estimates by $1.36 billion. 

On November 30, Mizuho analyst Silvio Micheloto raised the price target on ConocoPhillips (NYSE:COP) to $101 from $99 and kept a Buy rating on the shares.

49 hedge funds in the Q3 database of Insider Monkey were bullish on ConocoPhillips (NYSE:COP), with stakes equaling $1.37 billion. One of the largest ConocoPhillips (NYSE:COP) shareholders is Adage Capital Management, with 5.71 million shares worth $387.5 million.

Here is what ClearBridge Investments has to say about ConocoPhillips (NYSE:COP) in its Q1 2021 investor letter:

“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.”