Billionaire Louis Bacon’s 10 Stock Picks with Huge Upside Potential

7. ConocoPhillips (NYSE:COP)

Moore Global Investments’ Stake: $43.75 million

Number of Hedge Fund Holders: 86

Average Upside Potential as of May 2: 31.83%

ConocoPhillips (NYSE:COP) explores, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas, and natural gas liquids. It operates in six segments: Alaska, Lower 48, Canada, Europe-Middle East-North Africa, Asia Pacific, and Other International.

ConocoPhillips’ Lower 48 operations delivered a 5% production growth year-over-year for the full year 2024. This contributed to the company’s overall 4% production growth. In Q4 of 2024, the Lower 48 produced 1,308,000 BOE/d. The $22.5 billion acquisition of Marathon Oil in late November 2024 also enhanced the Lower 48 portfolio and added high-quality and low-cost supply inventory.

The company’s revenue of $14.74 billion beat estimates by almost $515 million. The overall production also rose 14.8% to 2.183 million BOE/d in Q4. The company expects to achieve over $1 billion of run-rate synergies by the end of 2025. A portion of this is already reflected in the capital guidance. ConocoPhillips also plans to reduce its workforce as part of a broader initiative to cut costs and streamline operations.