5 Energy Stocks to Buy Before Winter

2. ConocoPhillips (NYSE:COP)

Number of Hedge Fund Holders: 71

ConocoPhillips (NYSE:COP) explores for, produces, transports, and markets crude oil, bitumen, natural gas, and more across the globe. The company is based in Houston, Texas.

A ‘Buy’ rating was reiterated on ConocoPhillips (NYSE:COP) shares on August 23 by analyst Vincent Lovaglio at Mizuho. The analyst also holds a $138 price target on the stock.

In August, ConocoPhillips (NYSE:COP) added $5 billion to its planned shareholder returns for 2022, bringing the total value up to $15 billion. The move came in light of rising energy prices. The company’s net income in the second quarter also rose to $5.1 billion, much higher than the $2.1 billion figure brought in during the year-earlier quarter.

ConocoPhillips (NYSE:COP) had the investment backing of 71 hedge funds in the second quarter, compared to 67 hedge funds in the previous quarter. Their total stake values were $2.4 billion and $2.6 billion respectively.

Diamond Hill Capital, an investment management firm, mentioned ConocoPhillips (NYSE:COP) in its first quarter 2022 investor letter. Here’s what the firm said:

“We redeployed capital into ConocoPhillips (NYSE:COP), which was trading at a discount to our estimate of intrinsic value and is well positioned over the long run due to its low-risk asset base.”