雅虎香港財經 Should You Buy ConocoPhillips (COP) Now?
Oakmark Funds, advised by Harris Associates, released its “Oakmark Global Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund returned 10.5% compared to a 7.7% return for the MSCI World Index. The fund returned 9.3% since its inception compared to 5.4% for the index. In the first quarter, both the U.S. and non-U.S. portions of the portfolio contributed to the outperformance of the fund. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Oakmark Global Fund highlighted stocks like ConocoPhillips (NYSE:COP) in the first quarter 2023 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 April 12, 2023, ConocoPhillips (NYSE:COP) stock closed at $107.53 per share. One-month return of ConocoPhillips (NYSE:COP) was 11.55%, and its shares gained 6.08% of their value over the last 52 weeks. ConocoPhillips (NYSE:COP) has a market capitalization of $130.313 billion.
Oakmark Global Fund made the following comment about ConocoPhillips (NYSE:COP) in its Q1 2023 investor letter:
"ConocoPhillips (NYSE:COP) is one of the largest and lowest cost U.S. exploration and production companies in the country, led by CEO Ryan Lance—in our view one of the best value creators in the industry. ConocoPhillips’s share prices fell in the first quarter as oil prices receded, which is not atypical. We were buying the company at prices where it could generate its entire market cap in free cash flow over the next decade while growing the production such that at the end of that time, the base of production would be one-third higher. This sort of reinvestment opportunity is unique to ConocoPhillips and clearly not reflected in the current share price."
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ConocoPhillips (NYSE:COP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 67 hedge fund portfolios held ConocoPhillips (NYSE:COP) at the end of the fourth quarter which was 64 in the previous quarter.
We discussed ConocoPhillips (NYSE:COP) in another article and shared the list of best undervalued energy stocks to buy according to analysts. In addition, please check out our hedge fund investor letters Q1 2023 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.
