Coconut oil is almost all saturated fat: solid at room temperature.
But in a small excellent coconut oil study, HDL (healthy) cholesterol improved when coconut oil replaced carbs in one diet, and canola/sunflower oil in another.
This was a scientific study–all meals prepared, weighed, measured, and it lasted only 9 weeks. Not real life. But it’s impressive.
Coconut oil raises HDL because it is primarily myristic and lauric acids, which are medium chain triglycerides (MCTs), and saturated fatty acids, which are highly cholesterolemic: they produce high blood levels of cholesterol, and reduce insulin resistance.
This study suggests they produce a much higher level of HDL than LDL, and therefore are worth the intake. For another view, see this review of fat.
Virgin coconut oil, which is not highly processed and bleached, like other coconut oils, may not have the same harmful effects as highly processed coconut oils. MCT and coconut oil have different scientific chemistry (and marketing) as well.