Meet the Surprising Oil Stock Lawmakers Couldn't Stop Buying in 2023
The Most Bought Stock of the U.S. Congress Last Year
ConocoPhillips (NYSE: COP) topped the list as the preferred oil stock among U.S. representatives and senators, outperforming both Chevron and ExxonMobil. House Republicans notably dominated the buying activity, with Rep. Michael McCaul leading the purchases.
Why ConocoPhillips?
Investments in ConocoPhillips may have been driven by factors such as its favorable valuation and attractive dividend yield. While congressional investments in 2023 did not yield significant returns, the stock is showing promise amidst geopolitical uncertainties and rising oil prices.
Is This Oil Stock a Buy Now?
Despite a lackluster performance in 2023, investing in ConocoPhillips now could be opportune with the potential for oil price spikes. CEO predictions of a looming supply shortage further enhance the stock's outlook in the long run, making it a favorable choice for investors.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.