Should You Invest in ConocoPhillips (COP) for Long-Term Growth?

Diamond Hill Capital, an investment management company, released its “Large Cap Strategy” third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -5.23% net of fees compared to a -4.61% return for the Russell 1000 Index. Holdings in the technology and consumer discretionary sectors led to the underperformance of the strategy in the quarter. In contrast, stock selection in energy, consumer staples, and materials sectors positively contributed to the strategy’s performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Diamond Hill Capital discussed stocks like ConocoPhillips (NYSE:COP) in the Q3 2022 investor letter. Headquartered in Houston, Texas, ConocoPhillips (NYSE:COP) is an oil and gas explorer and distributor. On October 25, 2022, ConocoPhillips (NYSE:COP) stock closed at $123.94 per share. One-month return of ConocoPhillips (NYSE:COP) was 25.50% and its shares gained 60.90% of their value over the last 52 weeks. ConocoPhillips (NYSE:COP) has a market capitalization of $157.779 billion.

Diamond Hill Capital made the following comment about ConocoPhillips (NYSE:COP) in its Q3 2022 investor letter:

“On an individual holdings basis, top contributors to return included oil and gas producer ConocoPhillips (NYSE:COP) and global technology company Nasdaq.

The rising price of both oil and natural gas has allowed ConocoPhillips to continue reporting strong earnings and cash flow growth even as the economic outlook becomes more uncertain. We continue to believe the company is an outstanding operator with a strong balance sheet and assets concentrated in well understood jurisdictions. While supply chain tightness has driven input prices higher within the industry, ConocoPhillips has kept its production and capex guidance steady for the full year as its longer-term service contracts help it push costs out into the future as compared to smaller competitors.”

ConocoPhillips (NYSE:COP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 71 hedge fund portfolios held ConocoPhillips (NYSE:COP) at the end of the second quarter which was 67 in the previous quarter.

We discussed ConocoPhillips (NYSE:COP) in another article and shared the list of energy stocks to buy on the OPEC production cuts. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

Suggested Articles:

• 15 Biggest Egyptian Companies
• 15 Biggest Hedge Funds in USA
• Most Educated Countries in the World

Disclosure: None. This article is originally published at Insider Monkey.