Keep reading about best oil company stocks to buy now. The last two years have been very tough on the oil industry, as low oil prices have weighed on profit and stifled growth. With improving industry fundamentals and increasing consumption, now might be a good time to invest in oil stocks. It is a very interesting topic and now Insider Monkey has published an article about it.
The oil industry has been nothing short of a roller coaster ride. The U.S shale oil boom added roughly 6 million barrels per day during the 2008-2015 period and the market entered into a surplus state. That led to oil prices declining due to worldwide oversupply. However, members of the Organization of Petroleum Exporting Countries (OPEC) agreed to reduce their combined output by 1.2 million barrels per day during the final quarter of 2016, which resulted in a nominal increase in oil prices. Prices are expected to stabilize in 2017 on the backdrop of a rebalance in the supply and demand fundamentals.
Now without a further ado let’s see what Insider Monkey has investigated for us. We have picked two companies from their list. The first company is BP Plc. Number of Hedge Funds With Long Positions (as of March 31): 30. Aggregate Value of Hedge Funds’ Holdings (as of March 31): $528.9 million. BP Plc (NYSE:BP) is an integrated oil and gas company that engages in the exploration, production, refining, and distribution of oil, as well as related marketing activities. It is the sixth-largest oil and gas company and one of the seven oil and gas ‘supermajors’ in the world. The company has operations in over 70 countries worldwide, with total proved reserves of 17.8 billion barrels of oil equivalent. With 30 hedge funds holding shares of the company worth $529 million on March 31, BP Plc ranks 11th on our list of the 11 best oil company stocks to buy now.
Noble Energy, Inc. is the sexond one from Insidier Monkey’s list. Number of Hedge Funds With Long Positions (as of March 31): 32. Aggregate Value of Hedge Funds’ Holdings (as of March 31): $1.35 billion. Noble Energy (NYSE:NBL) is a leading independent crude oil and natural gas exploration and production company. The company has a diversified high-quality portfolio consisting of crude oil, natural gas, and NGLs spanning three continents. Started in 1932 as a regional crude oil and natural gas producer, Noble Energy has come a long way to become a global E&P company. Its U.S activities include operations in the DJ Basin, Permian Basin, Eagle Ford Shale, Marcellus Shale, and offshore deepwater Gulf of Mexico.
For any further interesting information read Insider Monkey’s article about 11 best oil company stocks to buy now.
