5 Oil Stocks With Biggest Upside

2. ConocoPhillips (NYSE:COP)

Number of Hedge Fund Holders: 64     

ConocoPhillips (NYSE:COP) explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. On November 29, ConocoPhillips and QatarEnergy announced agreements to supply 2 million per year metric tons of liquefied natural gas to Germany for 15 years starting in 2026, as Germany seeks to cover future gas needs following the rupture of its energy relationship with Russia. 

On December 7, Barclays analyst Jeanine Wai maintained an Overweight rating on ConocoPhillips (NYSE:COP) stock and lowered the price target to $151 from $134. 

At the end of the third quarter of 2022, 64 hedge funds in the database of Insider Monkey held stakes worth $2.7 billion in ConocoPhillips (NYSE:COP), compared to 71 in the previous quarter worth $2.4 billion.

In its Q1 2022 investor letter, Diamond Hill Capital, an asset management firm, highlighted a few stocks and ConocoPhillips (NYSE:COP) was one of them. Here is what the fund 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.”