5 Best Hydrogen and Fuel Cell Stocks To Buy

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1. Exxon Mobil Corporation (NYSE:XOM)

Number of Hedge Fund Holders: 73

Exxon Mobil Corporation (NYSE:XOM), the American oil and gas giant, is set to enter the hydrogen space by manufacturing a world-class blue hydrogen plant at its Texas refining and petrochemical complex. Along with carbon capture and storage, blue hydrogen will result in lower emissions across Exxon Mobil Corporation (NYSE:XOM)’s operations. It is one of the top hydrogen stocks to watch. 

The company’s net income more than doubled to $11.43 billion in the first quarter of 2022 and oil and gas net production equaled 3.83 million boe/day, up 4.2% on a year-over-year basis. The company also raised and extended its share repurchase program, adding up to $35 billion in repurchasing capacity during 2023-2024.

According to Insider Monkey’s first quarter database, 73 hedge funds were bullish on  Exxon Mobil Corporation (NYSE:XOM), compared to 79 funds in the earlier quarter. Rajiv Jain’s GQG Partners is the largest stakeholder in the company, with a position worth $2.14 billion. 

Here is what First Eagle Investments had to say about Exxon Mobil Corporation (NYSE:XOM) in its second-quarter 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 industry wide 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.”

Follow Exxon Mobil Corp (NYSE:XOM)

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