5 Best Oil Stocks To Buy According To Hedge Funds

1. Exxon Mobil Corporation (NYSE:XOM)

Number of Hedge Fund Holders: 72    

Exxon Mobil Corporation (NYSE:XOM) explores for and produces crude oil and natural gas. The firm features on the list of best energy stocks to invest in. In late August, news agency Reuters reported that the company had agreed to sell the natural gas properties it owned in Arkansas to Flywheel Energy. The financial terms of the deal were undisclosed. In 2010, XTO Energy, a unit of Exxon, had acquired the Fayetteville shale assets for $650 million.

On September 12, investment advisory Piper Sandler maintained an Overweight rating on Exxon Mobil Corporation (NYSE:XOM) stock and lowered the price target to $108 from $109. Analyst Ryan Todd  issued the ratings update. 

Among the hedge funds being tracked by Insider Monkey, Florida-based investment firm GQG Partners is a leading shareholder in Exxon Mobil Corporation (NYSE:XOM), with 47.5 million shares worth more than $4.1 billion.

In its Q2 2022 investor letter, First Eagle Investments, an asset management firm, highlighted a few stocks and Exxon Mobil Corporation (NYSE:XOM) was one of them. Here is what the fund said:

“Integrated oil and gas giant Exxon Mobil Corporation (NYSE:XOM) 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.”

You can also take a peek at 10 Penny Stocks Redditors are Buying in August and 10 Best Nickel Stocks to Buy Now.

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