10 Most Promising Dividend Stocks According to Hedge Funds

6. Exxon Mobil Corporation (NYSE:XOM)

Number of Hedge Fund Holders: 86

Exxon Mobil Corporation (NYSE:XOM) is an American oil and gas company that is engaged in the exploration, production, refining, and distribution of petroleum products. The company continues to be a dominant force in the global fossil fuel sector while expanding its investments in low-carbon energy. As part of its 2030 strategy, the company plans to invest up to $30 billion in low-emission projects between 2025 and 2030. In addition, the company has secured the largest offshore carbon dioxide storage site in the US through an agreement with the Texas General Land Office. The company is also advancing efforts to build the world’s largest low-carbon hydrogen production facility, with a projected capacity of up to 1 billion cubic feet of hydrogen per day.

Exxon Mobil Corporation (NYSE:XOM) posted revenue of $90.02 billion, exceeding analysts’ projections by $1.66 billion. Its strong financial performance was reflected in the $17.6 billion generated in operating cash flow and $11.3 billion in free cash flow for the quarter. Moreover, it returned $9.8 billion to shareholders through dividends and stock buybacks. This solid cash position enabled the company to extend its streak of annual payout increases to 42 consecutive years.

On January 30, Exxon Mobil Corporation (NYSE:XOM) declared a quarterly dividend of $0.99 per share, which was in line with its previous dividend. The stock has a dividend yield of 3.71%.

Insider Monkey’s database of Q3 2024 indicated that 86 hedge funds owned stakes in Exxon Mobil Corporation (NYSE:XOM), compared with 92 a quarter earlier. These stakes have a total value of nearly $7 billion. First Eagle Investment Management was one of the company’s leading stakeholders.