5 Energy Stocks To Buy On the OPEC Production Cuts

1. ConocoPhillips (NYSE:COP)

Number of Hedge Fund Holders: 71

ConocoPhillips (NYSE:COP) produces and transports a host of energy products such as crude oil, natural gas, natural gas liquids, liquefied natural gas (LNG), and bitumen. The firm is headquartered in Houston, Texas, the United States.

ConocoPhillips (NYSE:COP) is making big moves in the LNG industry, with the firm having invested $900 million in Qatar’s $30 billion LNG expansion, and having taken a 30% stake in a new Port Arthur LNG facility, which is slated to produce 5 million tons per year. The firm has also used strong free cash flows of $5.9 billion in the second quarter to pay back $2.9 billion of debt, enabling it to capitalize on the strong market to improve its balance sheet. Its profit more than tripled annually in the second quarter.

ConocoPhillips (NYSE:COP)’s shares have appreciated by 69% year to date and the firm pays a $1.1 dividend for a 3.57% yield. 75 out of the 895 funds surveyed by Insider Monkey during Q2 2022 had bought the company’s shares.

Out of these, Ken Fisher’s Fisher Asset Management is ConocoPhillips (NYSE:COP)’s largest investor. It owns 6.7 million shares that are worth $607 million.

Disclosure: None. You can also take a look at 10 Small-Cap Stocks that Pay Dividends and 10 Best Stocks to Buy According to Billionaire Dan Loeb.

Follow Insider Monkey on Twitter