Is ConocoPhillips (COP) A High Growth Stock?
ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Value Strategy” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. The strategy outperformed its benchmark, the Russell 1000 Value Index, in the fourth quarter. On an absolute basis, the strategy gained from 10 of the 11 sectors in which it was invested for the quarter. The industrials and financials sectors were the leading contributors while the real estate sector detracted from performance. Overall stock selection and sector allocation contributed to the strategy’s performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2022.
ClearBridge Large Cap Value 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 22, 2023, ConocoPhillips (NYSE:COP) stock closed at $104.08 per share. One-month return of ConocoPhillips (NYSE:COP) was -16.50%, and its shares gained 18.64% of their value over the last 52 weeks. ConocoPhillips (NYSE:COP) has a market capitalization of $126.851 billion.
ClearBridge Large Cap Value Strategy made the following comment about ConocoPhillips (NYSE:COP) in its Q4 2022 investor letter:
"The risk-on environment supported by China reopening drove strong returns for the energy sector, despite underlying commodity prices falling from recent highs. In the portfolio, leading E&P company ConocoPhillips (NYSE:COP) was again among the top contributors; it maintains one of the best balance sheets in the industry and continues to execute well while benefiting from being a low-cost producer and growing liquefied natural gas demand. ConocoPhillips is also investing in field electrification and carbon capture across its portfolio, with ambitions to deliver oil production with industry-low CO2 intensity."
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 high growth energy stocks to buy. 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.
