Five Stocks That Hit 52-Week Highs On Tuesday

Three Energy Companies Hit 52’s

Petroleo Brasileiro SA Petrobras (ADR) (NYSE:PBR), Occidental Petroleum Corporation (NYSE:OXY), and Continental Resources, Inc. (NYSE:CLR) each hit new 52-week highs in a good way on Tuesday before retreating somewhat due to the decline in WTI and Brent prices. Although Petrobras has over one hundred billion dollars worth of debt, shares of the company have rallied strongly since February due to increasing conviction in the market that the company’s debt-reduction efforts and the Brazilian government’s promise of giving Petrobras more autonomy in terms of economic decisions will be successful. Likewise, traders are also optimistic on Occidental and Continental’s prospects as each company has a solid balance sheet and competitive production costs. If WTI and Brent prices trend higher, the three stocks will likely be on our list again in the near future too.

In terms of hedge fund activity, 23 funds tracked by Insider Monkey owned shares of Petroleo Brasileiro SA Petrobras (ADR) (NYSE:PBR) at the end of the second quarter, unchanged from the previous quarter. At the same time, 38 funds owned shares of Occidental Petroleum Corporation (NYSE:OXY), down by 12 over the quarter. Meanwhile, the number of investors with holdings in Continental Resources, Inc. (NYSE:CLR) fell by six quarter-over-quarter to 44 at the end of June.

Disclosure: none