What Makes ConocoPhillips (COP) an Attractive Investment?

Diamond Hill Capital, an investment management company, released its “Large Cap Strategy” fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. The strategy returned 10.96% net in the fourth quarter compared to a 7.24% return for the Russell 1000 Index. Holdings in the technology and consumer discretionary sectors helped the strategy to outperform in the quarter. The strategy returned better than the index during 2022 but still declined by double digits. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Diamond Hill Large Cap Strategy highlighted stocks like ConocoPhillips (NYSE:COP) in the Q4 2022 investor letter. Headquartered in Houston, Texas, ConocoPhillips (NYSE:COP) engages in the exploration, production, and transportation of crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids. On February 14, 2023, ConocoPhillips (NYSE:COP) stock closed at $113.55 per share. One-month return of ConocoPhillips (NYSE:COP) was -4.22%, and its shares gained 25.87% of their value over the last 52 weeks. ConocoPhillips (NYSE:COP) has a market capitalization of $138.969 billion.

Diamond Hill Large Cap Strategy made the following comment about ConocoPhillips (NYSE:COP) in its Q4 2022 investor letter:

“ConocoPhillips (NYSE:COP)’ stock performed well in the market largely on the back of continued strong oil prices, even as the economic outlook became more uncertain. We continue to believe the company is one of the best operators in the space, with a diversified portfolio, assets concentrated in well understood jurisdictions, a strong balance sheet and excellent management.”

pipeline,storage tanks and buildings of a refinery – industrial plant for fuel production

ConocoPhillips (NYSE:COP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 64 hedge fund portfolios held ConocoPhillips (NYSE:COP) at the end of the third quarter, which was 71 in the previous quarter.

We discussed ConocoPhillips (NYSE:COP) in another article and shared the list of most profitable oil stocks in the world. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.

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