Top 5 Oil and Gas Stocks To Invest In According To Hedge Funds

4. Pioneer Natural Resources Company (NYSE:PXD)

Number of Hedge Fund Holders: 67

Pioneer Natural Resources Company (NYSE:PXD) functions as an autonomous exploration and production company in the United States, specifically engaged in the exploration, development, and production of oil, natural gas liquids, and gas. It is one of the best energy stocks to invest in. 

On February 7, Pioneer Natural Resources Company (NYSE:PXD) received shareholder approval for its planned merger with Exxon Mobil Corporation (NYSE:XOM), anticipating completion in the second quarter. The all-stock deal, valued at $59.5 billion or $253 per share, was announced by Exxon in October. 

According to Insider Monkey’s third quarter database, 67 hedge funds were bullish on Pioneer Natural Resources Company (NYSE:PXD), compared to 54 funds in the preceding quarter. Israel Englander’s Millennium Management is the biggest stakeholder of the company, with 1.5 million shares worth $353.6 million. 

Carillon Chartwell Mid Cap Value Fund made the following comment about Pioneer Natural Resources Company (NYSE:PXD) in its Q3 2023 investor letter:

“The Russell Midcap Value Index declined 4.5%, with only the energy and financials sectors generating positive returns. The healthcare, communication services, and consumer staples sectors were the weakest. Pioneer Natural Resources Company (NYSE:PXD) produces oil and natural gas in the Permian Basin of West Texas and southeastern New Mexico. Its shares rallied along with oil prices, a key driver of revenue and earnings.”