5 Best Oil Stocks to Buy According to Hedge Funds

1. Exxon Mobil Corporation (NYSE:XOM)

No. of Hedge Fund Holders: 75

Exxon Mobil Corporation (NYSE:XOM) is one of the world’s largest publicly traded energy providers and chemical manufacturers. The company is engaged in developing and applying next-generation technologies to help meet the world’s growing needs for energy and high-quality chemical products.

Exxon Mobil Corporation (NYSE:XOM) ranks 1^st on our list of 12 Best Oil Stocks To Buy According To Hedge Funds.

Exxon Mobil Corporation (NYSE:XOM) has released its results for Q3 2022. It posted earnings of $19.7 billion in Q3 2022 against $17.9 billion in Q2 2022. Excluding identified items, earnings came in at $18.7 billion and were up $1.1 billion against the prior quarter. This was due to higher natural gas realizations, record throughput in Energy Products, and cost control.

Analysts at HSBC lifted their price target on the shares of Exxon Mobil Corporation (NYSE:XOM) to $111.00 on December 2.

Insider Monkey’s database shows that 75 hedge funds ended the third quarter with stock in their portfolios, compared to 72 hedge funds in the previous quarter.

First Eagle Investments, an independent, privately owned asset management firm, published its second-quarter 2022 investor letter and mentioned Exxon Mobil Corporation (NYSE:XOM). Here is what the fund said:

“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 industrywide 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 look at 12 Oil Stocks with Biggest Upside and 10 Best Oil Refinery Stocks To Buy