5 Best Crude Oil Stocks To Buy Today

1. Exxon Mobil Corporation (NYSE:XOM)

Number of Hedge Fund Holders: 71

Exxon Mobil Corporation (NYSE:XOM) is one of the world’s leading oil and gas producers, producing 3.8 million barrels of oil equivalent per day in the fourth quarter of 2021. In its fourth-quarter earnings report, the company slated a $15 billion budget for lower-emission solutions and decarbonization programs in the next six years.

One of the reasons Exxon Mobil Corporation (NYSE:XOM) is a good investment is that the oil giant recently set a record high for cash flow from operating activities of $48 billion in 2021. The Texas-based company is one of the oil and gas companies that benefited from rising commodity prices, having paid a $20 billion debt reduction last year. As of March 7, Exxon Mobil Corporation (NYSE:XOM) is up 53.4% in the past six months.

Market analysts are bullish about the oil giant’s strategic plans in the coming years. In its Investor Day webcast, Exxon Mobil Corporation (NYSE:XOM) revealed $9 billion in annual structural reductions by 2023 as part of its strategic growth plans to double earnings and cash flow potential by 2027. Following the announcement, BMO Capital analyst Phillip Jungwirth increased his price target for the stock to $86 from $73 on March 3, while maintaining a Market Perform rating on the shares. In contrast, 71 out of 924 elite funds tracked by Insider Monkey had a total stake of $5.39 billion in Exxon Mobil Corporation (NYSE:XOM) at the end of the fourth quarter of 2021. 

You can also take a peek at 10 Biotech Stocks Hedge Funds Are Talking About and 10 Cryptocurrencies Trending on Reddit in March.

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