5 Best Fuel Stocks To Buy Now

1. Exxon Mobil Corporation (NYSE:XOM)

Number of Hedge Fund Holders: 68   

Morgan Stanley analyst Devin McDermott recently kept an Overweight rating on Exxon Mobil Corporation (NYSE:XOM) stock with a price target of $149, noting that oil giants like Exxon looked set for “catch up” trade in the coming months amid oil price hikes. The firm recently beat market predictions on earnings per share and revenue and has also been exploring the deployment of low carbon technologies in Indonesia as part of an energy transition plan. 

Reports from November 2 indicate that Exxon Mobil Corporation (NYSE: XOM) has agreed to sell its stake in a deepwater natural gas project in the Black Sea to a Romanian firm in a deal worth more than $1 billion. 

At the end of the second quarter of 2021, 68 hedge funds in the database of Insider Monkey held stakes worth $3.6 billion in Exxon Mobil Corporation (NYSE:XOM), up from 65 in the preceding quarter worth $2.7 billion. 

In its Q1 2021 investor letter, Harding Loevner highlighted a few stocks and Exxon Mobil Corporation (NYSE:XOM) was one of them. Here is what the fund said:

“We felt that our remaining energy holding, ExxonMobil, with its stronger balance sheet, was in a better position to ride out the cyclical slump in oil demand and even perhaps take advantage of it by investing counter-cyclically. While ExxonMobil does plan to increase capital expenditure, we’ve been disappointed in its regrettable failure to address ongoing emission trends, which reflects poorly on management’s foresight. As a result, we sold our ExxonMobil holdings.”

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