ConocoPhillips (COP) Fell Due to Lower Oil Prices
Diamond Hill Capital, an investment management company, released its “Large Cap Strategy” second-quarter 2024 investor letter. A copy of the letter can be downloaded here. Markets rose modestly in the second quarter of 2024, providing positive returns across most regions and countries. The strategy trailed the Russell 1000 Index in Q2 and returned -3.90% (net) vs 3.57% for the index. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2024.
Diamond Hill Large Cap Strategy highlighted stocks like ConocoPhillips (NYSE:COP) in the second quarter 2024 investor letter. ConocoPhillips (NYSE:COP) produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids. The one-month return of ConocoPhillips (NYSE:COP) was -2.89%, and its shares lost 11.52% of their value over the last 52 weeks. On September 24, 2024, ConocoPhillips (NYSE:COP) stock closed at $108.91 per share with a market capitalization of $126.472 billion.
Diamond Hill Large Cap Strategy stated the following regarding ConocoPhillips (NYSE:COP) in its Q2 2024 investor letter:
"Other bottom contributors in Q2 included CarMax, Target Corporation and ConocoPhillips (NYSE:COP). Shares of oil and gas exploration and production company ConocoPhillips declined against a backdrop of lower oil prices in Q2, as well as concerns about the expensive though strategically sound acquisition of Marathon Oil."
A processional line of imposing cargo ships in a large port, capturing the scope of the company's ocean transportation business.
ConocoPhillips (NYSE:COP) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 72 hedge fund portfolios held ConocoPhillips (NYSE:COP) at the end of the second quarter which was 62 in the previous quarter. While we acknowledge the potential of ConocoPhillips (NYSE:COP) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed ConocoPhillips (NYSE:COP) and shared the list of best forever stocks to buy. In addition, please check out our hedge fund investor letters Q2 2024 page for more investor letters from hedge funds and other leading investors.
READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.
Disclosure: None. This article is originally published at Insider Monkey.