5 Stocks Reddit’s WallStreetBets is Buying Before Earnings

In this article, we discuss the 5 stocks Reddit’s WallStreetBets is buying before earnings. If you want to read our detailed analysis of these stocks, go directly to the 10 Stocks Reddit’s WallStreetBets is Buying Before Earnings.

5. ConocoPhillips (NYSE: COP)

Number of Hedge Fund Holders: 51 

ConocoPhillips (NYSE: COP) is a Texas-based company in the oil and gas business. It is ranked fifth on our list of 10 stocks Reddit’s WallStreetBets is buying before earnings. The company will release the second quarter earnings report before the opening of the market on August 3. The firm beat market expectations on earnings per share and revenue for the first quarter. On July 30, news publication Bloomberg reported that the company was among the potential bidders in a sale of the Permian Basin oil fields presently owned by oil giant Shell. 

Devon Energy (NYSE:DVN) and ConocoPhillips (NYSE:COP) are among potential suitors studying Royal Dutch Shell’s (RDS.A, RDS.B) portfolio of Permian Basin oil fields, which could be worth as much as $10B in a sale, Bloomberg reports.

On July 23, investment advisory Piper Sandler maintained an Overweight rating on ConocoPhillips (NYSE: COP) stock and raised the price target to $80 from $69, noting the robust free cash outlooks for oil companies in the coming months. 

At the end of the first quarter of 2021, 51 hedge funds in the database of Insider Monkey held stakes worth $1.2 billion in ConocoPhillips (NYSE: COP), up from 49 in the previous quarter worth $687 million.

In its Q1 2021 investor letter, ClearBridge Investments highlighted a few stocks and ConocoPhillips (NYSE: COP) was one of them. Here is what the fund said:

“While reducing in health care and consumer staples, we increased our exposure to high-quality names in economically sensitive areas of the market. We added to low-cost, high-quality energy names (including) ConocoPhillips. We are positive on the company’s strong balance sheets, competitive positions and exposure to an economic recovery.”