Would you like to know more about the 5 best oil stocks to buy right now? Then you have come to the place, as we have brought up with Insider Monkey’s latest article. Although oil stocks have gone up since the end of October, it’s not too late to purchase them. Oil industry was among those that were mostly hit by the financial crises caused by the COVID-19 pandemic. But early in November, Pfizer announced to have developed a very promising vaccine against the coronavirus, and since then there have been another 2 promising candidates. Actually, Pfizer’s vaccine was approved and people’s vaccination has started. In half a year’s time, vast majority of people will be vaccinated globally, and hopefully life will go back to normal. All this gave a big push for the industries, oil industry isn’t an exception either. Several oil companies reported bankruptcy. The remaining companies have significant losses in their share prices. According to Insider Monkey’s research, oil prices could see $60 by the end of 2021 as most of the world gets vaccinated and the demand for oil bounces back.
And which are the best oil stocks? We will show you immediately. We have picked up two stocks for you at this time. The first one is ConocoPhillips (COP) with 45 hedge funds, $829 million of total hedge fund holdings, 34% of fourth quarter return. The top hedge fund holder is Donald Yacktman. Since 2017, ConocoPhillips had its first insider purchase in May, 2020. One of its directors purchased 2400 shares for $41 per share. Exxon Mobil Corporation stands on the second spot of the list with 52 hedge funds, $1.38 billion of total hedge fund holdings, 30.7% of fourth quarter return. The top hedge fund holder is Renaissance Technologies. Actually, Exxon had a rough year, and it lost half of its market cap year to date. Yet, the management still believes that Exxon will be able to recover and maintain its former position. For more arresting and useful information, please click the best oil stocks to buy right now.
