5 Most Promising Energy Stocks to Buy Now

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1. ConocoPhillips (NYSE:COP)

Upside Potential as of July 7: 40.15%

Topping our list of the Most Promising Energy Stocks is ConocoPhillips (NYSE:COP). It is one of the world’s largest independent E&P companies based on oil and natural gas production and proved reserves.

On June 29, Morgan Stanley lowered its price objective on ConocoPhillips (NYSE:COP) from $153 to $146, but reiterated an ‘Overweight’ rating on the shares. The revised target still implies an upside of almost 41% from the current levels.

The move comes after Morgan Stanley adjusted its estimates to reflect the latest energy prices. The WTI crude price has fallen by over 60% from its recent highs and is now hovering close to its pre-conflict levels following the US-Iran MoU on June 14.

In contrast, earlier on June 22,  Roth Capital instead turned more bullish on ConocoPhillips (NYSE:COP) and upgraded the stock from ‘Neutral’ to ‘Buy’, while also raising its price target on the shares by $6 (read more details here).

ConocoPhillips is expected to announce the financial and operating results for its second quarter on August 6. The company is targeting Q2 production of 2.2 million barrels of oil equivalent per day at the midpoint.

While we acknowledge the potential of COP to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than COP and that has 100x upside potential, check out our report about the cheapest AI stock.

READ NEXT: 10 Energy Stocks with Highest Dividends and 12 Best Utility Stocks to Buy Now According to Hedge Funds

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