The compilation of the best oil stocks to buy right now will be our topic for today. We have brought up with Insider Monkey’s latest article on this issue. Despite oil stocks have gone up since October, it’s not too late to buy them. In the beginning of June XLE shares doubled comparing to their March values. Then, Pfizer announced to have managed to develop a very promising vaccine against the coronavirus, and the market took its flight again. The vaccine was approved couple of days ago, another sixth months and the vast majority of Americans will be vaccinated, and life will return its normal grooves. It’s really welcome news for the oil industry, as this was the most affected industries among all.
And which are the best oil stocks that are worth purchasing them currently? Keep up reading, and you will get to know two of them right now. The first one is Nobel Energy (NBL) with 45 hedge funds, $754 million of total value of hedge fund holdings. Its top hedge fund holder is Water Island Capital. In October of 2020, Chevron finished the acquisition of Nobel Energy. This can be a good reason for considering opting for Chevron shares. As Chevron reported about the acquisition, they welcomed shareholders and employees of Noble Energy to Chevron, and this merger will deliver strong financial benefits for all the participants. Noble Energy is followed by Concho Resources Inc. (CXO) on the third spot with 47 hedge funds, $732 million of total value of hedge fund holdings, 44% of fourth quarter return. The top hedge fund holder is D. E. Shaw. According to Insider Monkey’s research, “ConocoPhillips is in the process of acquiring Concho Resources. CXO shareholders will receive 1.46 COP shares for every CXO shares they have.” On December 11, 2020 COP shares closed at $43.48, which means Each CXO share is worth $63.48, vs. its closing price of $63.27. For more arresting and useful information, please click the best oil stocks to buy right now.