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

4. BP plc (NYSE:BP)

Point72 Asset Management’s Stake Value: $111.73 million

Percentage of Point72 Asset Management’s 13F Portfolio: 0.44%

Number of Hedge Fund Holders: 27

BP plc (NYSE:BP) is one of the world’s largest players in the oil and gas industry, with operations in dozens of countries that range from exploration, extraction, refining, distribution, and marketing of natural gas and oil products. The company has a $0.33 per share dividend, with a yield of 4.95% as of July 6.

Deutsche Bank analyst James Hubbard on July 6 maintained a ‘Buy’ rating on BP plc (NYSE:BP) shares, and bumped the price target to 472 GBp from 450 GBp.

27 hedge funds were stakeholders in BP plc (NYSE:BP), according to the Q1 database of Insider Monkey. The combined value of these stakes stood at $1.86 billion. This shows a positive trend from the previous quarter where 26 hedge funds held $1.22 billion worth of positions in the British company.

Hedge funds were seen significantly increasing their stakes in BP plc (NYSE:BP) during the first quarter. Its largest shareholder was Arrowstreet Capital, with a nearly $752 million stake which represented a 121% increase from the previous quarter. Fisher Asset Management and D E Shaw also held noteworthy stakes in BP plc (NYSE:BP) in the first quarter of 2022.