5 Best Crude Oil Stocks To Buy As Tensions Rise

1. Exxon Mobil Corporation (NYSE:XOM)

Number of Hedge Fund Holders: 79

Exxon Mobil Corporation (NYSE:XOM) is a fully integrated oil and gas Supermajor headquartered in Texas. The company’s main focus is on conventional energy. However, it is also making investments in renewable energy sources. 

Exxon Mobil Corporation (NYSE:XOM) made its way to 79 hedge fund portfolios in the fourth quarter of 2022, compared to 75 in the third quarter. GQG Partners was the most notable shareholder of the company in the fourth quarter with over 32.9 million shares worth $3.63 billion.

On March 10, Mizuho analyst Nitin Kumar reaffirmed a Buy rating on Exxon Mobil Corporation (NYSE:XOM)’s shares with a $147 price target, up from $140. Moreover, the company has been covered by 16 analysts in the last three months, with 10 of them keeping a Positive rating and 5 of them maintaining a Hold rating. The average price target for Exxon Mobil Corporation (NYSE:XOM)’s stock is $127.87.

Here’s what First Eagle Investments said about Exxon Mobil Corporation (NYSE:XOM) in its Q2 2022 investor letter:

“Integrated oil and gas giant Exxon Mobil performed well in the second quarter as continued high prices for energy products supported the stock. As the largest refiner in the US, the company has benefitted from wide “crack spreads,” or the margin between the cost of crude oil and the petroleum products extracted from it. Exxon continues to invest in refining capacity in the US, which industrywide has been in steady decline since 2019. We are pleased that Exxon has been using its strong cash flows to reduce debt and to return cash to shareholders through dividends and stock repurchases.”

Disclosure: None. You can also take a look at the 30 Countries with the Highest GDP in 2022 and Hedge Funds Are Fleeing These 10 Growth Stocks. 5 Stocks They Are Buying Instead.