5 Best Crude Oil Stocks To Buy As Tensions Rise

3. Exxon Mobil Corporation (NYSE:XOM)

Number of Hedge Fund Holders: 71

Exxon Mobil Corporation (NYSE:XOM), a prominent American energy company, stands out as one of our top picks for investment during bear markets. With a lineage tracing back to John D. Rockefeller’s Standard Oil, Exxon Mobil Corporation (NYSE:XOM) has undergone a remarkable transformation spanning 140 years. Originating as a local kerosene distributor in the United States, it has grown into a global giant, ranking among the foremost publicly traded entities in the petroleum and petrochemical sectors. Over the past five years, Exxon Mobil Corporation (NYSE:XOM) has experienced a significant growth of around 29%, consistently increasing dividends for an impressive 39-year streak.

On October 11, Exxon Mobil Corporation (NYSE:XOM) and Pioneer Natural Resources (NYSE:PXD) jointly unveiled a firm agreement, detailing Exxon Mobil Corporation (NYSE:XOM)’s acquisition of Pioneer. This merger is structured as an all-stock transaction with a total valuation of $59.5 billion, equivalent to $253 per share based on ExxonMobil’s closing price on October 5, 2023. As per the agreement’s stipulations, Pioneer shareholders will be granted 2.3234 shares of XOM for each PXD share upon completion. The overall enterprise value of this transaction, which accounts for net debt, approximates $64.5 billion.

By the end of Q2 2023, data from Insider Monkey’s database revealed that 71 hedge funds had positions in Exxon Mobil Corporation (NYSE:XOM), a slight decrease from the 73 hedge funds in the previous quarter. The combined value of these holdings exceeds $3 billion.