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10 Top Hedge Fund Stock Buys

8. Anadarko Petroleum

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Anadarko Petroleum (APC - Get Report) is engaged in the exploration and production of oil and natural gas. The Company's three operating segments are oil and gas exploration and production, midstream and Marketing.

Anadarko is among the top five equity holdings of John Paulson. Paulson bought another 7.8 million shares during the fourth quarter, bringing his total holding in the company to 21.28 million.

Shumway Capital took a fresh exposure to the company as well, buying 1.3 million shares.

Oil and exploration companies are poised to benefit from higher oil prices and are gearing up to raise output. Anadarko said Thursday it will increase capital spending to $5.6 to $6 billion in 2011 up from $5.2 billion in 2010 as it develops projects in Africa and the U.S.

It plans to allocate 10% of its capital to developing the Eagleford and Marcellus shale plays in the U.S. The company expects to announce a joint-venture agreement in the Eagleford soon.

Output is expected to increase to 244 million barrels of oil equivalent (mmboe) to 248 mmboe in 2011. It projects a 10% increase in liquid volumes that will deliver higher margins.

The company's operations in Algeria have not been disrupted by protests in that country, but Anadarko has halted operations in the Ivory Coast.

16 analysts rate the stock a buy, 12 a hold. There are currently no sell ratings on the stock.
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