Citadel Stock Holdings: 5 Biggest Energy Stocks

2. Phillips 66 (NYSE:PSX)

Value of Citadel Investment Group’s 13F Position: $198 million

Number of Hedge Fund Shareholders: 35

Citadel nearly tripled the size of its stake in Phillips 66 (NYSE:PSX) during Q3, ending the quarter with 2.45 million shares. Hedge fund ownership of PSX hit a two-year high during the first quarter of 2022 but fell by 19% over the following two quarters.

One of the 5 Best Oil Refinery Stocks To Buy is Phillips 66 (NYSE:PSX), which plans to increase its capital spending by about 6% in 2023 to $3.14 billion, including heightened spending on renewable fuels and pipeline projects. Among other initiatives, the company plans to convert one of its refineries into a plant that can produce diesel from animal fats and cooking oils.

Piper Sandler analyst Ryan Todd has an ‘Overweight’ rating on Phillips 66 (NYSE:PSX) shares along with a $137 price target and believes the broader energy sector is in good shape even after two years of outperformance given its more disciplined capital allocation and the ongoing supply constraints plaguing the market. The analyst believes refiners in particular will have another banner year in 2023, enjoying margin performance similar to what they enjoyed in 2022.