Louis Navellier is Buying These 5 Energy Stocks in 2022

Below we look at why Louis Navellier is Buying These 5 Energy Stocks in 2022. For our methodology and a more comprehensive list please see Louis Navellier is Buying These 10 Energy Stocks in 2022.

5. Phillips 66 (NYSE:PSX)

Value of Navellier & Associates‘ 13F Position: $4.74 million

Number of Hedge Fund Shareholders (as of March 31): 43

Louis Navellier’s Navellier & Associates massively raised its stake in Phillips 66 (NYSE:PSX) during the first quarter, adding 1,424% more shares to its position to lift it to 54,856 total. Fellow hedge fund titans Cliff Asness and Stanley Druckenmiller also bought boatloads of PSX shares during the quarter.

Phillips 66 (NYSE:PSX) is largely known for its refining operations and higher gas prices are greatly improving the margins on its refining business, generating far more free cash flow for the company. Phillips plans to use that extra cash to pay down its debt, buy back more shares, and continue to raise its dividend, which already has a long history of solid growth.

Phillips 66 (NYSE:PSX)’s results were down across the board quarter-over-quarter during Q1, but the company still managed operating cash flow of $1.1 billion. Adjusted earnings came in at $1.32 per share, down by $703 million quarter-over-quarter. Phillips also had a $100 million quarterly swing in its hedges, losing $50 million in Q1 after gaining $50 million in Q4.