5 Best Hydrogen and Fuel Cell Stocks To Buy For 2024

Page 5 of 5

1. Exxon Mobil Corporation (NYSE:XOM)

Number of Hedge Fund Holders: 79

Exxon Mobil Corporation (NYSE:XOM) engages in the production, trading, transportation, and sale of crude oil, natural gas, petroleum products, petrochemicals, and specialized products. The company is actively exploring opportunities in lower-emission sectors, including carbon capture and storage, hydrogen, and the development of lower-emission fuels. Exxon Mobil Corporation (NYSE:XOM) has allocated $7 billion for projects related to hydrogen, carbon capture, and biofuels from 2022 to 2027. A decision on the final investment for the hydrogen project is anticipated by 2024. It is one of the best hydrogen stocks to monitor. 

On December 6, Exxon Mobil Corporation (NYSE:XOM) announced its intention to increase its annual share repurchases to $20 billion, beginning upon the completion of the Pioneer Natural Resources acquisition early next year and extending through 2025. 

According to Insider Monkey’s third quarter database, 79 hedge funds were bullish on Exxon Mobil Corporation (NYSE:XOM), compared to 71 funds in the preceding quarter. 

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)

Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily enewsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also check out 10 Most Undervalued Oil Stocks To Buy According To Hedge Funds and 20 Jobs That Will be in Demand in the Next 5 Years.

Page 5 of 5