Vivek Ramaswamy’s New ETF: Top 5 Stock Picks

3. ConocoPhillips (NYSE:COP)

Percentage of Strive U.S. Energy ETF’s Portfolio: 6.8%

Number of Hedge Fund Holders: 71

On August 4, ConocoPhillips (NYSE:COP) announced earnings for the second quarter of fiscal 2022. The company reported earnings per share of $3.91 and outperformed expectations by $0.06. The company’s revenue for the quarter amounted to $22 billion, up 115% year over year, and beat Wall Street estimates by $2.3 billion. As of September 8, ConocoPhillips (NYSE:COP) has returned 96.7% to investors over the past twelve months.

On August 26, MKM Partners analyst Leo Mariani raised his price target on ConocoPhillips (NYSE:COP) to $118 from $110 and maintained a Buy rating on the shares. On August 31, Barclays analyst Jeanine Wai raised her price target on ConocoPhillips (NYSE:COP) to $153 from $142 and reiterated a buy-side Overweight rating on the shares.

As of September 8, ConocoPhillips (NYSE:COP) has a trailing twelve-month PE ratio of 8.98 and is offering a forward dividend yield of 1.80%, which the company backs with free cash flows of $15.65 billion.

At the end of Q2 2022, 71 hedge funds were long ConocoPhillips (NYSE:COP) and held stakes worth $2.42 billion in the company. This is compared to 67 positions in the preceding quarter with stakes worth $2.58 billion.

Investment management company, Diamond Hill Capital, mentioned ConocoPhillips (NYSE:COP) in its first-quarter 2022 investor letter, here is what the firm had to say:

“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.”