5 Oil and Gas Stocks to Buy According to Billionaire Steve Cohen

In this article, we talk about the 5 oil and gas stocks to buy according to billionaire Steve Cohen. If you wish to read our detailed analysis of the energy sector and Cohen’s hedge fund history, go directly to 10 Oil and Gas Stocks to Buy According to Billionaire Steve Cohen.

5. Phillips 66 (NYSE:PSX)

Point72 Asset Management’s Stake Value: $110.03 million

Percentage of Point72 Asset Management’s 13F Portfolio: 0.43%

Number of Hedge Fund Holders: 41

Phillips 66 (NYSE:PSX) is up next on the list of oil and gas stocks to buy according to billionaire Steve Cohen, who increased his stake in the company by 10% in the first quarter to consist of 1.27 million shares valued at $110 million. The Texas-based company provides midstream energy services related to the refining, transportation, storage and marketing of crude oil and various petroleum products, and also deals in the production of specialty chemicals.

On June 14, Wells Fargo analyst Michael Blum raised the firm’s price target on Phillips 66 (NYSE:PSX) to $127 from $114 and reiterated an ‘Overweight’ rating on the company shares. The analyst noted favorable indicators for the company heading into the second half of 2022, and cited an impressive second-quarter for his price target upgrade.

Phillips 66 (NYSE:PSX) is also currently undervalued with a P/E (price to earnings) ratio of 13.66. The company declared a $0.97 per share quarterly dividend on May 20, with an impressive yield of 4.94% as of July 6.

41 hedge funds out of 900+ tracked by Insider Monkey reported bullish bets on Phillips 66 (NYSE:PSX) at the end of Q1 2022, with a collective price tag of $1.38 billion. The company’s largest Q1 shareholder was Israel Englander’s Millennium Management, with a position worth more than $256 million.